Ethereum ICO Investor Moves 10,000 ETH to Kraken as Selling Pressure Persists

An early Ethereum investor who received 150,000 ETH for participating in the initial coin offering (ICO) has continued his selling spree this week, having sold a substantial amount of his stash in the past three weeks.

On-chain analysis from Lookonchain shows that the whale transferred 10,000 ETH worth over $24.36 million in two separate transactions to the crypto exchange Kraken. The whale sent 5,000 ETH ($12.22 million) by 8.45 PM (UTC) on Monday before sending approximately 5,000 ETH ($12.14 million) 12 hours later.

Ethereum ICO Ramp up Sales

The Tuesday transactions by the Ethereum ICO participant add to the chain of incessant Ether liquidation from the whale. Notably, the whale has sold 50,000 ETH worth $101 million since September 22 at an average price of $2,507 per coin. 

It bears mentioning that the whale has sold a total of 60,000 ETH ($149.68 million) since receiving 150,000 ETH in the Genesis block in 2015. Data shows that the whale made its first sales in June 2019, dumping 5,000 ETH ($1.09 million) at the rate of $218 per coin.

Afterward, the whale recorded incremental sales over the years, including a notable sale in June. On that date, the wallet liquidated over 10,000 ETH, worth $35.39 million, at an average price of $3,539 for each unit. 

Ethereum Foundation’s Sales Persist

In addition to the incessant sales from ICO participants, wallets associated with the Ethereum Foundation have also contributed to the surging liquidation of Ether. Data from Lookonchain shows that a wallet tied to the Foundation deposited 1,250 ETH, worth 43.03 million, to the crypto exchange Bitstamp on Tuesday.

The wallet received 51,251 ETH (worth $51,000 then) from the Ethereum Foundation’s 0x5ed address in 2015. Notably, today’s asset liquidation was one of the substantial sales from the address in the past seven years.

Meanwhile, the Ethereum creator Vitalik Buterin have recently sold a staggering amount of ETH. Although he noted that his sales were strictly for charity, the incessant liquidation has dampened the overall sentiment within the Ethereum community.

Notably, the sales coincided with a wider market correction, which saw Ethereum drop over 2.94% in the past 24 hours. The second-largest cryptocurrency by market has also corrected 4.68% in the past seven days. At press time, Ethereum was trading at $2,416.