Ethereum Whale Dumps 19,000 ETH Worth $47M Amid Market FUD

Dormant Ethereum ICO Participant Resurfaces

According to the on-chain transaction analytics platform Lookonchain, this sale follows a notable transaction from the last week of September, where the same participant deposited 12,010 ETH (valued at $31.6 million) to the crypto exchange Kraken after being inactive for over two years.

Prior to these transactions, the investor’s total ETH holdings were valued at more than $358 million. The Ethereum ICO, which took place between July and September 2014, raised a total of $18 million. When Ethereum launched in July 2015, early contributors received 80% of the tokens, with the remainder allocated to the Ethereum Foundation and early team members.

Rare Transfers and Market Impact

Last month, an Ethereum address broke its nine-year dormancy by depositing 5 ETH into Kraken. Similarly, another long-dormant ICO participant transferred over $9 million in ETH to the same exchange this year. It’s important to note that these transfers are relatively rare and often attract market attention.

The latest transaction occurred amid a backdrop of rising fear, uncertainty, and doubt (FUD) in the market, as Ether prices took a sharp downturn. Currently, the world’s largest altcoin by market cap has dropped nearly 10% over the past week and is trading below $2,400.

Market Reactions

This decline has reignited criticism of Ethereum, particularly as it has underperformed throughout the year. Market commentators are expressing concerns about its price trajectory. Crypto trader Bluntz noted on social media, “yikes, even day 0 ETH OG’s are jumping ship.”

On the other hand, Ethereum advocate Anthony Sassano expressed frustration over the ongoing FUD, stating that “most people in this industry don’t actually care about the truth” and lamented that “it’s all so incredibly tiring.”

Institutional Interest in Ethereum ETFs

Despite the bearish market sentiment, institutional investors are showing renewed interest in Ethereum. On October 2, the nine spot Ether ETFs saw $14.45 million in inflows, according to data from SoSoValue. Notably:

• BlackRock’s ETHA led with $18.04 million in inflows.
• Franklin Templeton’s EZET attracted $1.81 million in inflows.

Conclusion

The recent sale of 19,000 ETH by a dormant ICO participant underscores the volatility and uncertainty in the Ethereum market. As the altcoin navigates through challenging waters, the response from institutional investors may provide a glimmer of hope for the future.