An anonymous individual considered to be one of the very first Ethereum investors has moved approximately 20,000 ETH coins to Bitfinex.
Anonymous Ethereum ICO investor moving coins again
Although Ethereum remains the second largest cryptocurrency, it has not been spared from the effects of the overbearing bearish trend that has reigned supreme this year.
Owing to this, the anonymous investor who is believed to belong first “ethereum whales” is having second thoughts about the prospects of the second-largest cryptocurrency’s as he funnels millions to Bitfiniex.
According to Etherscan, this same individual received more than 314,000 ETH from the Ethereum’s Genesis block as a result of his/her investments in the Ethereum Initial Coin Offering (ICO).
This week has seen the Ethereum whale transfer approximately 20,000 ETH to Bitfinex, which is worth approximately $5.5 million at press time.
The movement of Ether from this wallet was first noted by California-based attorney Zoe Dolan.
Dolan has been monitoring wallets holding funds that originated in the Ethereum Genesis block for evidence of “capitulation.”
After moving the tokens which have presumably been sold, the unknown investor’s original wallet, still holds more than 104,000 ETH, worth approximately $28 million.
While the 20,000 ETH may represent a small fraction of the wallet’s initial balance, it is not the first time a large amount of Ether (ETH) has been moved from this wallet to Bitfinex.
The report shows that approximately 116,000 ETH (worth $65 million when the transaction was made) out of the original wallet in the month of May.
While the moved tokens make up a fragment of Ethereum’s circulating supply, the move seem to be initiated as a result of the prolonged bearish trend.
When funds began to be moved out of the wallet, an Ether traded at about $575, an Ether currently exchange hands for less than 50% of that amount (trading at $275 today).
Analysts speculate that long-term holders of Ethereum (ETH) are panic-selling their tokens as the value of Ethereum continues to decline.
Market performance of Ethereum (ETH)
Ethereum like every other virtual currency has had a rough ride this year, but ETH has struggled to bounce from the 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 changing hands at $274.74.
Ethereum has not pulled back to the 20-day EMA, which shows a lack of buying at the current levels, If the bears break below $249.93 support level, the downtrend can extend to as low as $200.
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The problems continue for Ethereum
The woes continue for Ethereum as a meeting that brought together the board of Ethereum stakeholders failed to produce a result.
The meeting conducted on August 24 to discuss code changes on which decisions need to be made ahead of a software upgrade scheduled for October yielded no positive result.
The goal of the meeting included forging consensus on changes to Ethereum’s underlying economics, the speed of its upgrades and the mining methods it supports.
Establishing an order in which concerns might be addressed through future upgrades was also part of the agenda.
After approximately two hours of dialogue, the meeting ended with the resolution that the discussion continues with a follow-on meeting scheduled for August 31.