The month of November saw the cryptocurrency industry bleed at annual lows with the major currencies included Ethereum [ETH] lose more than 90% of its January value over the course of the year. Even Ethereum has lost so much to lose his number two as the second largest cryptocurrency by market capitalization at Ripple's XRP.
According to the latest research, part of the reason Ethereum it may have lost most of its network value it could be due to ETH out of heavy load, especially in recent weeks. diar, a cryptocurrency research company and data aggregation company has shared, its latest newsletter edition to its subscribers, the numbers that reveal that this may indeed be the case.
According to Diar, The ICO have downloaded up to 222.615 ETH only in November. It is surprising that more than half of this amount (119,000) has been sold in the last 8 days. The biggest ETH seller registered this month so far was Aragon which sold up to 51,934 ETH.
Although this month was not particularly favorable for the Ethereum community, the worst month was September, when ICO projects downloaded some of the largest amounts in the recent past. DigixDAO, the September sell-off leader sold well 71,000 ethers.
A report published by BitMEX Research in October also found that most ICO projects sold ETF funds to finance project activities or to escape the imminent losses associated with falling Ethereum prices.
The relationship, however, focused on disapprove of the myth of the sector that most of the ICOs were clinging to their ICO treasury accounts and sooner or later they would be pushed to sell that would further lower Ether's price. The BitMEX report showed that most of the ICO had discharged their ether and that the residual amount would not have had a significant dent.
According to the Diar report, it seems, along with industry sales presumably caused by the uncertainty that revolved around the November 15 Bitcoin Cash hard forkthat the remaining stocks of ETH may have contributed to the free fall of the ETH price that was observed in the previous two weeks.