A massive Ethereum ($ETH) initial coin offering (ICO) participant has recently shaken up the cryptosphere after selling a staggering 19,000 ETH worth more than $47.5 million in just two days.
According to data shared by on-chain analytics firm Lookonchain, the participant received 150,000 ETH during the initial coin offering for $46,500, with the tokens now being worth a whopping $358 million after registering a near 770,000% increase.
During the Ethereum ICO in 2015, investors were able to acquire ETH for $0.31 per token, while the cryptocurrency is now trading at $2,345 after losing more than 10.5% of its value over the last seven-day period amid a wider cryptocurrency market downturn.
The drop comes after cryptocurrency investment products saw inflows above $1.2 billion over the past week as investors increasingly turn to riskier assets after the Federal Reserve’s recent 50 basis point interest rate cut.
Notably, last week Ethereum-focused products saw inflows for the first time after five weeks of outflows, bringing in $86.9 million. Ethereum has, since its London hard fork, been seeing its supply drop.
According to available data, more than $10.6 billion worth of the second-largest cryptocurrency have been burned since the hard fork, with 0.83 ETH worth around $1,900 being burned per hour at its current burn rate.
The burning mechanism means that, per minute, Ethereum’s circulating supply is dropping by around 0.32 ETH. The cryptocurrency is set to undergo its Pectra hard fork in the near future, in a bid to improve the user-experience of wallets in an initial stage, before aiming to make changes to the Ethereum Virtual Machine to improve data availability sampling.
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