On October 24th, an Ethereum (ETH) initial coin offering (ICO) whale sold 30,000 ETH for over $7.6 million. This follows a previous sale in July when the same participant released 7,000 ETH.
However, Ethereum price has remained stable since the last sale, dropping by 0.11% in the past 24 hours.
This recent transaction is a drop in the ocean, as Whale still holds the 254,908 ETH he earned from the 2015 ICO. This is a huge amount of money, with Whale still holding 37,070 ETH (approximately $94 million) after the latest sale.
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Despite the pain caused by Whale’s July sell-off, Ethereum’s price has avoided a significant drop, contrasting with the 15% drop caused by Troll’s latest trade.
Ethereum Whale sale raises stability concerns
Ethereum ICO whale sales activity has raised concerns about price stability. Whale’s sale of 7,000 ETH earlier this month contributed to increased market volatility as prices fell. Although the selling was small, traders remained wary of further selling.
Market pressures can be dramatic, as is known as it relates to the crypto market, and whale selling often drives selling.
This time, however, Ethereum seems to have survived the sell-off without incurring significant losses and remains close to stable as the market continues to liquidate. Still, investors are closely monitoring further ETH moves by major holders.
Vitalik Buterin upgrade fuels Ethereum growth
Ethereum is under significant market pressure, especially as large investors liquidate their holdings. However, the Ethereum ecosystem has continued to evolve despite the challenges, as various developers have introduced significant upgrades that improve the functionality of Earth’s primary blockchain.
With increasing pressure from layer 1 solutions, ETH has already seen significant improvements such as reduced gas fees, making it more competitive.
As outlined by Ethereum co-founder Vitalik Buterin, The Scourge and The Verge address issues of scalability and sustainability. However, despite short-term market fluctuations, these upgrades are considered essential to Ethereum’s long-term growth.
The broader market is likely to consider Ethereum as it looks to establish itself as the premier blockchain platform.
Whales Holdings may still impact Ethereum price
After Whale’s latest ETH sale, Ethereum price is stable at around $2,528. Even though the digital currency has been under pressure recently due to widespread liquidations in the market, the recent sell-off has not caused prices to plummet.
Despite the big sell, ETH remains one of the most liquid assets in the crypto market and can easily absorb huge sales without major disruptions.
There is still approximately 37,070 ETH left in the whales’ hands, meaning that further large sales could impact Ethereum prices.
Investors and analysts are nervous, and are looking to see if the sale is simply a temporary hiatus for the whales, or whether they will continue to sell off their holdings. Several factors will influence whether Ethereum maintains its stability in the coming weeks, including market sentiment, whale activity, and broader market trends.
