An old Ethereum whale from the ICO era transfers more than 145,000 ETH… what is the impact of this on the market?
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Answer An old Ethereum whale from the ICO era transfers more than 145,000 ETH… what is the impact of this on the market?
An Ethereum wallet that has been dormant since the time of the initial coin offering suddenly woke up and moved a massive amount of cryptocurrency.
The entire transferred amount was divided into 5,000 ETH per wallet and transaction.
The initial source of the massive amount of Ethereum was due to the first Ethereum offering as an ICO which occurred in 2014, when the Ethereum Foundation offered 1 Ethereum for $0.31.
Unfortunately, this whale decided to sell a portion of the Ethereum he acquired on the Bitfinex trading platform on July 31, 2019, for $219 per coin.
The total value of the deal at the time was about one million dollars.
Today, the remaining 145,000 could easily be sold for close to $250 million, considering the potential downside that such a huge deal would temporarily cause if sold through the exchanges.
But at the same time, it is unlikely that the whale will sell all its possessions, because the nature of the transaction does not seem to all go to a trading platform.
The most likely scenario is that the investor will deposit some of their Ethereum into an Ethereum 2.0 contract to receive passive income on it.
What if the entire 145,000 Ethereum was sold out in the market?
Looking at the slight correction on Ethereum, some members of the crypto community have assumed that the whale sold part of its holdings when Ethereum was trading around $2000 and repurchased it at a cheaper price when Ethereum fell below $1,000.
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Fortunately for cryptocurrency investors, the selling pressure of $200 million is not enough to completely smash the Ethereum market as the largest centralized platforms and OTC offices will cover the selling demand without causing a spike in volatility.
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