A cryptocurrency whale who was able to purchase a large amount of coins from Ethereum's initial coin offering (ICO), the event where ETH was distributed to early investors when it first came out, has become active, according to onchain data.
According to data provided by Lookonchain, this whale has started selling ETH continuously. According to the latest data, Balian wallet sold 6,000 ETH worth $14.11 million, bringing its total sales to 40,000 ETH, or approximately $101 million.
The whale made all of these sales at an average of $2,525 since September 22. At the time of writing, ETH is trading at $2,418 and has lost approximately 10% of its value in the last week.
Despite these impressive sales, the whale still has 99,500 ETH in his wallet, worth $238 million.
The Ethereum price is trading around 50% lower than its all-time high price record of $4,891 set in November 2021. The coin, which had a market cap of $568 billion at its peak, currently has a market cap of $291 billion.
*This is not investment advice.
