TL;DR
- The Interchain Foundation has sold 3,000 ETH from its 2017 ICO reserves.
- A 2016 Ethereum whale has started selling after eight years of inactivity.
- Despite the sell-offs, Ethereum’s price has shown remarkable strength.
Recently, the Interchain Foundation, developer of Cosmos, has resumed its process of selling Ethereum, liquidating 3,000 ETH from its 2017 ICO reserves.
This transaction adds to the 21,600 ETH sold since April 2024. The total value of this recent sale amounts to $10.16 million, with an average selling price of $2,591 per ETH.
Currently, the Foundation still holds 23,587 ETH, worth $95.48 million, and 383.8 BTC. This information was reported by analyst Ember CN.
This selling pattern has raised some interest because it coincides with a period of strong performance in the Ethereummarket.
The price of ETH has increased by 7.7% in the last 24 hours, reaching a high of $3,418.54. This price surge reflects the asset’s clear resilience, even in the face of significant sales from the Cosmos team and the reactivation of a 2016 Ethereum whale that had kept its wallet dormant for more than eight years.
An interesting aspect of this situation is the emergence of a significant Ethereum address that was active between January and March of 2016, during which it accumulated 398,889 ETH at an average price of $6.
After more than eight years of inactivity, this wallet has started selling large amounts of ETH. Since November 7, it has liquidated 73,356 ETH, worth approximately $224.42 million, although it still retains 325,533 ETH, currently valued at over $1.1 billion.
The impact of the sell-offs on Ethereum and Cosmos
The effect of the liquidations on the price of Ethereum has been surprisingly positive, considering the magnitude of the sales.
Despite the Interchain Foundation continuing to sell its ICO stake and a historic whale from 2016 reactivating its activity, Ethereum has shown strong resilience. The cryptocurrency has experienced a 31.8% growth in the past month, reinforcing investor confidence in its long-term performance.
On the other hand, the Cosmos ecosystem has not seen the same success.
The price of its native token, ATOM, is currently below $6.5, a significantly lower price compared to its peak of $10 in 2022 when Bitcoin was around $16,000. Despite the broader market’s strong recovery, ATOM has been one of the worst performers among major altcoins.
As for the future of Cosmos, its poor performance in the market is likely to affect the overall perception of the project, especially considering the significant sales by its developers. Meanwhile, Ethereum continues to grow, with a clear upward trend in recent months.
