Ethereum ICO Participant Sells 3K ETH: Here’s Why This Spells Trouble

A crypto investor who participated in the Ethereum initial coin offering (ICO) in 2014 is offloading their assets, with the latest sale on October 24. Unfortunately, this could trigger a negative price momentum for ether (ETH) given recent similar developments.

According to a tweet from on-chain analytics firm Lookonchain, the last time the Ethereum ICO participant sold their coins in July, ETH lost roughly 15% of its value in the following weeks.Ethereum ICO Participants Offloads Assets

Data shared by Lookonchain revealed that the crypto investor offloaded 3.000 ETH worth $7.64 million at the time of the sale. ETH slumped by 1.4% within a few minutes from $2,545 to $2,510. Although the cryptocurrency had recovered slightly to $2,520 at the time of writing, it is still in the red and down nearly 2.5% in the past 24 hours.

On July 1, this investor sold 7,000 ETH valued at approximately $24.28 million. Afterward, the asset plummeted from $3,432 to $2,981 within days, per data from CoinMarketCap.

During the ICO, the investor received 254,908 ETH, valued at $79,000 at the time; however, ether’s appreciation over the last decade raised the stash’s worth to $646 million. The whale has sold a large chunk of the stash and currently holds 37,070 ETH, worth nearly $93.8 million.

Although the amount of ETH sold this time is much less than the one offloaded in July, the investor’s actions have sparked concerns about the price of the asset taking a downward turn. These concerns have been further substantiated by the ongoing fear, uncertainty, and doubt (FUD)circulatingthe market about ether’s price trajectory.ICO Participants Are Waking Up

Several Ethereum ICO participants have been waking up from slumber and recently selling large chunks of their assets. Earlier this month, CryptoPotatoreportedthat another investor who had been dormant for two years sold 19,000 ETH worth $47.5 million within two days. Before this month’s sale, the ICO participant had offloaded 12,010 ETH valued at $31.6 million in the last week of September.

During the ICO, the investor received 150,000 ETH worth $46,500, and before the recent transactions, the stash’s value had grown to $358 million.

Meanwhile, these continuous sales have contributed to ether’s poor performance over the past 30 days, as it is down 4.5%.