One of the first "whales ethereum" seems to have second thoughts on the prospects of the second largest cryptomonima
One of the first whales of Ethereum is channeling millions to Bitfinex
This anonymous investor, who received over 314,000 ETHs from the Genesis block of the network as a result of their investment in the initial offer of Coins Ethereum (ICO), this week has channeled around 20,000 ETHs into Bitfinex, worth approximately $ 5.5 million at the time of writing . [19659005] ethereum ico whale "width =" 1107 "height =" 323 "srcset =" https://248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com/wp-content/uploads/2018/08/ethereum-whale-selloff2. jpg 1107w, https://248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com/wp-content/uploads/2018/08/ethereum-whale-selloff2-300×88.jpg 300w, https: //248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl. com / wp-content / uploads / 2018/08 / ethereum-whale-selloff2-768×224.jpg 768w, https: // 248qms3nhmvl15 d4ne1i4pxl-wpengine.netdna-ssl.com/wp-content/uploads/2018/08/ethereum- whale-selloff2-1024×299.jpg 1024w, https://248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com/wp-content/uploads /2018/08/ethereum-whale-selloff2-640×187.jpg 640w, https: // 248qms3nhmvl15d4ne1i4pxl- wpengine.netdna-ssl.com/wp-content/uploads/2018/08/ethereum-whale-selloff2-360×105.jpg 360w "sizes =" (maximum width: 1107px) 100vw, 1107px “/> ETH Address: 0xB23cC6D921271148F7bf5D5D9Ae5A34240 | Source: Etherscan
The development was first noticed by the California attorney Zoe Dolan, who was monitoring the wallets containing funds originating in the Ethereum Genesis block for the "capitulation" test.
ETH Address: 0x7D04d2EdC058a1afc761d9C99aE4fc5C85d4c8a6 | Source: Etherscan
In addition, those funds that have already been transferred to Bitfinex this week (and presumably sold) may not represent the end of the liquidation of the user of this ETH. The 20,000 ETHs were originally moved as part of a transaction that included 93,750 ETHs. The remaining funds of this transaction – about $ 18 million – are contained in this portfolio, which has historically been used primarily as a temporary holding cell for funds that eventually find their way to the exchange of cryptocurrencies.
The original portfolio of the unknown investor, meanwhile, still holds over 104,000 ETHs, worth approximately $ 28 million.
ETH Whale sells in the bear market
The price of ethereum, incidentally, has fallen by more than 50% since this portfolio began to transfer its funds to Bitfinex, from an opening price of $ 573 May 28th at around $ 275 today.
3-month chart ETH / USD | Bitfinex
As reported by CCN, some analysts had speculated that the ICO-funded startups had made the decline in the cryptocurrency market more severe due to panic, selling their ether, fearing to remain without funds.
However, these data suggest that timed hodlers can also share a significant portion of guilt for a long time. Although it is not clear how much this single user has influenced the market without observing their trading habits, there is sufficient evidence that large orders can catalyze significant price fluctuations in spot markets.
This is especially true now that global trading volume has started to dry, a byproduct of the prolonged bear market. During the past week, Ethereum averaged about $ 1.5 billion in spot trading volume, according to CoinMarketCap, down from around $ 5 billion at the start of the year
Image from Shutterstock
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