An anonymous individual considered to be one of the very first investors of Ethereum has moved around 20,000 ETH coins into Bitfinex.
Anonymous investor of Ethereum ICO who moves coins again
Although Ethereum remains the second largest cryptocurrency, it has not been spared from the effects of the overbearing bearish trend that reigned supreme this year
Because of this, the anonymous investor believed to be the first to belong to the "whales of ethereum" is having second thoughts on the prospects of the second largest cryptocurrency while channeling millions to Bitfiniex.
According to Etherscan, the same individual received more than 314,000 ETHs from the Genesis block of Ethereum as a result of his investments in the initial coin supply of Ethereum (ICO).
This week saw the transfer of the Ethereum whale from about 20,000 ETH to Bitfinex, which is worth about $ 5.5 million at the time of printing
The movement of Ether from this portfolio was noted for the first time by the California lawyer Zoe Dolan.
Dolan monitored the portfolios with funds originating in the Ethereum Genesis block for the "capitulation" test.
After moving the checkers that were allegedly sold, the original portfolio of the unknown investor still holds over 104,000 ETHs worth approximately $ 28 million.
While the 20,000 ETH may represent a small fraction of the initial balance of the portfolio, it is not the first time that a large amount of Ether (ETH) has been moved from this portfolio to Bitfinex.
The report shows that about 116,000 ETHs (worth $ 65 million when the transaction was made) from the original portfolio in May.
While wavy tokens form a fragment of the circulating offer of Ethereum, the move seems to have begun as a result of the prolonged bearish trend.
When funds began to be moved out of the wallet, an Ether traded at around $ 575, an Ether was currently trading hands for less than 50% of that figure (trading at $ 275 today).
Ana I lysts speculate that long-term Ethereum (ETH) holders are panicking their tokens when the value of Ethereum continues to decline.
Ethereum Market Performance (ETH)
Ethereum like any other virtual currency had a year 's quest, but ETH has struggled to rebound from recent lows despite the recent uptrend in the market.
Maintaining its position as the second largest cryptocurrency, Ethereum currently holds a market capitalization of $ 28.5 billion, with an Ether now moving from hand to $ 274.74.
Ethereum has not withdrawn the 20-day EMA, which shows a lack of purchases at current levels, If the bear breaks below the support level of $ 249.93, the trend downward can extend as low as $ 200.
Problems continue for Ethereum
The troubles continue for Ethereum as a meeting that brought together the Ethereum stakeholder council failed to produce a result.
The meeting conducted on August 24 at the discus The changes to the code on which decisions must be taken prior to a software update scheduled for October have not yielded positive results.
The goal of the meeting included consensus on changing the economic aspects of Ethereum, the speed of its updates and mining methods
Establishing an order in which concerns could be addressed through future updates was also part of the agenda.
After about two hours of dialogue, the meeting ended with the resolution that the discussion continues with a follow-up meeting scheduled for August 31st.