Ethereum ICO Whale Sparks FUD With $47M Sales Of ETH

An old Ethereum whale has sold about $47 million in Ether, sparking fear, uncertainty, and doubt (FUD) among market participants. This move is part of the investor's Ether selling spree, which has rolled into the second week.

The investor accumulated the coins during ETH's ICO for just $46,500. Following the whale's activity and other factors, Ether has played at a slower pace, with over a 10% decline since last week.

Ethereum Early Investor Sells $47 Million In Ether

Recently, an Ethereum ICO whale sold approximately $47 million in Ether. In an X post on October 3, on-chain analytics firm Lookonchain indicated how the whale maintained a selling spree over the past week.

This #Ethereum ICO participant sold another 19,000 $ETH($47.54M) in the past 2 days!

The participant received 150K $ETH(ICO cost was $46.5K, now worth $358M) at #GENESIS.https://t.co/WbaTNzh5T4 pic.twitter.com/p82RcPRYMd

- Lookonchain (@lookonchain) October 3, 2024

The data revealed that the investor offloaded 19,000 ETH tokens worth $47.7 million over the past two days. On September 27,the entity moved $12,010 ETH coins worth over $31.6 million to the Kraken crypto exchange.

Notably, the Ethereum whale's selling spree started after two years of inactivity. Lookonchain stated that the whale, an early Ethereum investor, accumulated 150,000 ETH tokens during Ethereum's ICO in 2014.

While the stash amounted to $46,500 during the purchase period, it's now worth over $358 million at current prices.

Meanwhile, Ethereum has maintained a downward slip over the past few days. According to data from CoinMarketCap, ETH has plummeted by almost 10% since the beginning of October, three days ago.

Ether's price hovers around $2,348, reflecting an almost 5% decrease over the past day. Moreover, it has hit a daily high of $2,321, while its market cap sits at $283.12 billion.

Notably, Ethereum plays below the broader crypto market, which indicates a 3.67% drop in the overall market cap. Also, TradingView data showed the ETH/BTC ratio has slipped below 0.039, a level last witnessed during the market slump in mid-September.

Crypto Community Reacts To Ethereum Price Drop And FUD

With Ethereum down to the $2.3K region, the market is surrounded by steaming FUD. Moreover, Ethereum critics have seized the opportunity to slam its underperformance since this year.

A prominent crypto trader and X user, Bluntz, ironically reacted to the ETH whale's massive sell-off. The user tweeted, Yikes, even day 0 ETH OGs are jumping ship."

yikes, even day 0 eth OG's are jumping ship https://t.co/46ZC2bgSVU

- Bluntz (@Bluntz_Capital) October 3, 2024

Also, another user and a Solana proponent, Cosy Th Caller," fueled the ETH FUD with a slam in an X post on October 3.

The user stated: Ethereum doing nothing these days but dragging crypto even lower."

Amid the FUD and criticisms, some Ethereum supporters remained optimistic. In an X post on October 3, Anthony Sassano, an Ethereum educator, triedto disperse the FUD, especially from critics.

On one hand, I love the work I do @thedailygwei in educating about Ethereum & sticking to the truth (while constantly debunking fud)

On the other hand, the fud is neverending & most people in this industry don't actually care about the truth

It's all so incredibly tiring

- sassal.eth/acc (@sassal0x) October 2, 2024

While acknowledging that the FUD may never end, he stressed that some biased individuals don't care about the truth regarding Ether.

Also, Ryan Sean Adams praised Ethereum in an X post, describing it as a federated union of economies. According to Adams, Ethereum has remained bullish, with nine chains operating as economies. He noted that ETH remains the central currency for the chains, whichproduced gross profits of over $140 million in the past 12 months.

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