Market anxiety around Ethereum seems to be reemerging as Ether prices falter and a significant Ethereum assets holder, known as a “whale,” sells off another large portion of the cryptocurrency. This developer accumulated his Ether through Ethereum’s 2014 initial coin offering (ICO). As per the onchain transaction analytics platform, Lookonchain, this early Ethereum investor has notably increased his sales of this asset in the past week.
In the first two days of October alone, this entity sold 19,000 Ether, which is estimated to be worth around $47.5 million. The selling process was kickstarted in the latter part of September when over 12,000 ETH, equating to around $31.6 million at the time, was transferred to the Kraken exchange. Lookonchain reports that this entity scored 150,000 ETH during the 2014 ICO. The stash was valued at roughly $46,500 at that time but now carries a tag of nearly $400 million.
Since the initiation of October, Ether prices have faced a drop of close to 10%. On October 1, the asset was trading at $2,650, but by October 3, it had dropped to an intraday low of $2,365—indicating a 3.7% decline for the asset, which is notably higher than the broader crypto market’s decline of 2.6% during the day.
Despite Ethereum’s performance, educators and advocates of this network continue to voice their support. Ethereum educator Anthony Sassano commented, “the FUD is neverending, and most people in this industry don’t actually care about the truth.” Ryan Sean Adams from Bankless pointed to Ethereum’s success in producing nine chains with a combined gross profit of over $140 million in the past year.
Meanwhile, institutional investors seem to be regaining interest in this asset. On Oct 2, spot Ether exchange-traded funds (ETFs) saw an inflow of nearly $20 million, majorly driven by BlackRock. According to Farside Investors, this was the biggest inflow in a week, coming a day after the largest outflow since the fund’s launch.