Ethereum ICO Participant Has Been Selling off 300K ETH for the Past Few Months

By December 19, 2019Ethereum
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An Ethereum HODL’r since the ICO days seems to be running out of patience. For whatever reason, this address has sold some 300,000 ETH since the 2015 ICO.

One investor since the ICO days on Ethereum seems to be cashing out. A strange movement of funds has been recorded from the address in the past few days.

ICO Investor Sells Off Some Holdings

The movement of funds from an early Ethereum ICO participant is causing some worry. Over the course of the last few months, the account has moved some 300,000 ETH to exchanges. Around 6 days ago, it moved another 60,000 ETH out of this wallet.

The transfers were first pointed out by Alex Svanevik (@ASvanevik) on Twitter.

Curious who this ETH ICO participant is: https://t.co/mA4mzt1tru

They've dumped (?) almost 300k ETH in the last few months – after hodling 530k ETH since the ICO in 2015.

3 days ago they transferred 60k ETH out of their wallet.

— Alex Svanevik (@ASvanevik) December 16, 2019

The Ethereum account currently still holds a significant amount of Ether, however: 258,899 ETH.

Concerns Over ETH 2.0 Delays Grow

The news comes at a time when Ethereum has had some persistent difficulties to wrestle with, especially when it comes to scaling. The leading smart contract platform has taken a tumble in the past few days and is currently trading at $123, being down -6% on the daily.

The bearish market and the movement of funds from this ICO-participating address has compounded worries that Ethereum may further stall the roll-out of ‘Ethereum 2.0.’ In a recent official blog post reported on by BeInCrypto, the team said that the Ethereum 2.0 would take “many years” to fully implement. Phase 0 of Ethereum 2.0. is still planned for Q1 2020, but it will not support transactions. Only staking will be possible and the staked funds will be frozen.

Ethereum

With further delays to Ethereum 2.0, the recent ETH movements from this ICO-related address is concerning. This account has held throughout the 2017 bullish rise which saw Ethereum explode past the $1,000 mark. With it tittering on the edge on the market, this is a peculiar moment to cash out if you invested during the ICO—it seems that this particular individual just simply ran out of patience.

Images courtesy of Shutterstock, Trading View and Twitter.

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