A two-year dormant ICO wallet has dumped $31.6 million worth of Ethereum in the past four days amidst the asset’s bullish uptrend.
An Ethereum ICO wallet that has been dormant for two years has gone on a selling spree, dumping 12,010 ETH to exchanges in the past four days. Data from Lookonchain shows that the address sent 3,500 ETH ($9.26 million) to Kraken at an average price of $2,646 on Thursday.
The wallet participated in the 2015 Ethereum initial coin offering (ICO), receiving 150,000 ETH from the Genesis block. Notably, the ICO cost was a menial $46,500; however, the offering has surged a staggering 8,484% and is currently worth $394.5 million.
Whale Dumps 12,010 ETH in Four Days
In addition to the 3,500 ETH dumped yesterday, the ICO wallet liquidated 5,000 ETH on Sept. 25 and 3,500 ETH on Sept. 22.
Data from Etherscan shows that the wallet sold 5,000 ETH on Wednesday, valued at $13.2 million. On-chain analysis shows that the whale sent the funds to Kraken at an average price of $2,646.
Before that, the wallet had liquidated 3,500 ETH on Monday. According to a report, the whale moved $9.12 million worth of Ethereum to Kraken, its first asset liquidation in 771 days.
Notably, the wallet still holds 2,989 ETH, valued at $7.9 million after the transfer on Sept. 26. The address also stores 12 other ERC-20 tokens and five non-fungible tokens (NFTs).
Ethereum Rebounds Despite ICO-Linked Liquidations
The 3,500 ETH dump was among the numerous Ethereum liquidations from ICO-related wallets. Data showed that another ICO wallet moved 8,510 ETH worth $22.15 million to Kraken on Thursday.
Notably, the wallet still holds 130,000 ETH, worth $344 million across eight different wallets. This has raised skepticism about further liquidation of its holdings.
Despite these dumps, Ethereum has shown signs of recovery amidst a broader market uptrend. The asset has increased 1% in the past 24 hours and has recovered over 17% from its lows earlier in the month. At the time of writing, Ethereum exchange hands at $2,660 per coin.
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Source: https://thecryptobasic.com/2024/09/27/ethereum-ico-wallet-dumps-12010-eth-in-four-days-after-two-years-of-inactivity/?utm_source=rss&utm_medium=rss&utm_campaign=ethereum-ico-wallet-dumps-12010-eth-in-four-days-after-two-years-of-inactivity