Ether’s price has plummeted by 10% since the beginning of October, prompting an early Ethereum investor to continue a two-week Ether selling frenzy.
The Ethereum market may be experiencing a resurgence of dread, ambiguity, and doubt as Ether prices plummet and an Ethereum billionaire disposes of an additional portion of the ETH that was acquired during the blockchain’s initial coin offering in 2014.
On October 3, Lookonchain, a onchain transaction analytics platform, observed that an Ethereum ICO participant had been aggressively disposing the asset over the past week.
It observed that the entity had sold 19,000 Ether, which is equivalent to approximately $47.5 million, within the last two days.
The Kraken exchange received over 12,000 ETH, which were valued at $31.6 million at the time, when the previously inactive entity commenced selling in late September.
According to Lookonchain, the entity acquired 150,000 ETH during the ICO in mid-2014. The total value of the cache was approximately $46,500 at the time, but it has since increased to nearly $400 million.
A mere three days ago, the price of ETH plummeted by nearly 10% since the commencement of October. The asset was trading at $2,650 on Oct. 1, but it had plummeted to an intraday minimum of $2,365 by Oct. 3, a 3.7% decline on the day.
Furthermore, TradingView reports that the ETH/BTC ratio has returned to 0.039, a level that has not been observed since the mid-September market decline.
This year, Ethereum has largely underperformed, and the decline has evidently reignited the detractors and FUD surrounding the asset.
On October 3, crypto trader “Bluntz” made a joke to his 278,000 followers on X, referring to the recent transfers of an ICO participant, “Yikes, even day zero ETH OG’s are fleeing ship.”
On Oct. 3, the Solana maximalist “Cosy The Caller” contributed to the FUD by stating that “Ethereum is currently doing nothing but further depreciating the cryptocurrency market.”
However, Ethereans have persisted in their loyalty to the network. Anthony Sassano, an Ethereum educator, stated on October 3 that “the FUD is neverending, and most individuals in this industry don’t truly care about the truth.”
Ethereum has generated nine chains, with a cumulative profit exceeding $140 million in the previous year, according to Ryan Sean Adams of Bankless on October 2.
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