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Ethereum ICO Whale Sells 19,000 ETH Worth Over $47M Amid Market FUD

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An Ethereum ICO participant has sold another 19,000 ETH over the past two days. This freshly offloaded stash is worth around $47.54 million at the current price.

This entity had previously received 150,000 ETH during the genesis at an ICO cost of just $46.5K.

Dormant Ethereum ICO Participant Resurfaces

As flagged by on-chain transaction analytics platform Lookonchain, this sale follows a recent move in the last week of September when the same participant deposited 12,010 ETH, valued at $31.6 million, to the crypto exchange Kraken after being dormant for over two years.

Initially, the investor’s total ETH holding was worth more than $358 million at the current price before these significant transactions.

The Ethereum ICO took place between July and September 2014. A total of $18 million was raised. When Ethereum went live in July 2015, early contributors were given 80% of the tokens. Meanwhile, the rest went to the Ethereum Foundation and early team members.

Last month, an Ethereum address broke its nine-year dormancy by depositing 5 ETH into Kraken. Similarly, another long-dormant ICO participant transferred more than $9 million in ETH to the same exchange this year.

It is important to note that these transfers are quite rare. Despite this, the latest one occurred amid rising fear, uncertainty, and doubt (FUD) in the market, as Ether prices took a sharp downturn.

The world’s largest altcoin by market cap has dropped nearly 10% over the past week, currently trading below $2,400. This decline has reignited criticism of Ethereum, which has underperformed throughout the year. Market commentators are expressing concern over its price trajectory, with crypto trader “Bluntz” noting on X,

“yikes, even day 0 eth OG’s are jumping ship.”

Ethereum advocate Anthony Sassano, on the other hand, said that the FUD is “never-ending” while expressing his frustration and added that “most people in this industry don’t actually care about the truth.”

“It’s all so incredibly tiring.”

Ethereum ETFs See Inflows

Institutional investors seem to be showing renewed interest in Ethereum, as the nine spot Ether ETFs saw $14.45 million in inflows on Oct. 2, according to SoSoValue data.

BlackRock’s ETHA led with $18.04 million, followed by Franklin Templeton’s EZET, which attracted $1.81 million in inflows.

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Cryptocurrency

ADA, XRP Take Main Stage With 8% Gains, BTC Consolidation Continues (Weekend Watch)

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Bitcoin’s calmness over the weekend continues as the asset has failed to make a major move from its tight range between $94,000 and $95,000.

In contrast, several altcoins, such as XRP, ADA, and XLM, have posted significant gains over the weekend, while SUI has plunged hard.

ADA, XLM, XRP on the Rise

As reported on Saturday evening, Ripple’s cross-border token stole the show with a massive surge from $2.33 to $2.5. The asset kept climbing in the following hours and tapped a multi-week peak of $2.6 before correcting slightly to $2.52 now.

Cardano’s native token is the other massive gainer from the larger-cap alts. ADA has soared by nearly 9% over the past day and now sits at the coveted resistance level of $1. XLM has also gone on a tear, surging by more than 7% and now trading close to $0.45.

In contrast, SUI has dumped by over 3% to $4.82, while TRX, SHIB, and BNB are also slightly in the red. On the other hand, ETH, SOL, DOGE, AVAX, TON, LINK, HBAR, and DOT have marked minor gains over the past 24 hours.

The cumulative market capitalization of all crypto assets has remained at essentially the same spot as yesterday at just shy of $3.450 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto

BTC Calms at $94K

The primary cryptocurrency had a highly eventful and volatile trading week in which it soared past $102,000 on Tuesday, only to crash by more than ten grand in the next 48 hours. This multi-week low took place on Thursday as BTC came close to breaking below $91,000 and even $90,000.

More volatility ensued in the following hours, with a jump toward $96,000 and a rejection that pushed it back to almost $92,000.

However, the bulls managed to defend the latter and pushed BTC to $94,000 where it has spent most of the weekend, aside from a brief spike to $95,000.

As such, bitcoin’s market cap remains at $1.865 trillion on CG, but its dominance over the alts is down to 54.2%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Cryptocurrency

2 Metrics Indicate Ripple (XRP) Price Faces Trouble After Recent Surge to $2.60

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TL:DR;

  • XRP’s price went on an unexpected run on Saturday night, surging to a multi-week peak of $2.6 before correcting slightly.
  • However, some on-chain metrics suggest that the asset could face trouble in the following days, especially if it fails to close above $2.47.
XRPUSD. Source: TradingView
XRPUSD. Source: TradingView

As reported on Saturday evening, XRP’s rally drove the asset from $2.33 to $2.5 and later to $2.6, which represented an 11.5% surge within less than 24 hours. Although the asset has lost some steam since then and currently sits at $2.51, it’s still over 6% up on the day.

This came shortly after reports emerged that whales had amassed more than a billion XRP tokens within a mere 48-hour period during the most recent correction in the middle of the business week.

However, this is where the popular crypto analyst Ali Martinez sounded the alarm about a potential drawback for XRP’s price.

At first, he pointed out that the TD Sequential, a technical indicator used to show the market exhaustion in either direction, had flashed a sell signal on the 4-hour chart. Nevertheless, this bearish formation will be invalidated if the asset closes above that line, which it still maintains.

Additionally, Martinez highlighted a growing number of short positions opened when XRP peaked at $2.6. Recall that Ripple’s cross-border token was among the few with notable gains on Saturday evening while the rest of the market stood silently.

Many traders might have anticipated a short-term correction due to XRP’s divergence from the pack, which indeed occurred to the current levels. The question now remains whether the cryptocurrency will remain above the aforementioned support or that was just the start of a broader correction.

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Cryptocurrency

Ripple Price Analysis: Can XRP’s Momentum Sustain After 8% Daily Surge?

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Ripple displayed low market activity, as reflected in its subdued price action for a while before a sudden surge to $2.6 yesterday.

The price remains confined within a sideways wedge pattern, highlighting a phase of consolidation and indecision. A decisive breakout is necessary to establish a sustained market direction.

XRP Analysis

By Shayan

The Daily Chart

Ripple’s current low volatility signals a lack of trading interest, potentially linked to broader macroeconomic factors, such as uncertainty surrounding President Trump’s transition to the White House. XRP’s price remains trapped within a wedge pattern and oscillates in the $2-$3 range even though it jumped to $2.6 yesterday evening.

A breakout from this range is crucial, as it will likely dictate Ripple’s long-term trend. A bullish breakout could trigger a rally, while a bearish breakout may result in significant declines.

The 4-Hour Chart

On the 4-hour timeframe, Ripple found support at the 0.5 Fibonacci level ($2), prompting a minor upward move. However, the price has now entered a low volatility phase with no clear directional bias.

Ripple faces significant support near the 0.5 ($2) and 0.618 Fibonacci levels, which have served as strong defenses for buyers in recent months. If buyers manage to defend this region, XRP may experience a bullish spike. However, if sellers push the price below this key support zone, the market could face long liquidations, leading to a substantial decline.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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