Ethereum ICO participants sell their holdings: Will ETH fall to $2.5K?
Why are Ethereum ICO participants selling their holdings?
Ethereum ICO participants are selling their holdings due to a combination of factors, including rising bearish sentiment in the market, declining whale and retail interest in ETH, and potential lack of overall demand across different investor segments1. This has led to a significant decline in the price of Ethereum, dipping below the $3,000 mark1.
What caused Ethereum's price to drop below $3,000?
Ethereum's price dropped below $3,000 due to a combination of factors, including large holders such as Golem selling off their ETH holdings, reduced interest from both whales and retail investors, and overall bearish market sentiment3. This increased sell pressure and speculation, leading to a decline in ETH's price.
How much ETH did the Golem project transfer to exchanges?
The Golem project transferred 36,000 ETH to major cryptocurrency exchanges like Binance, Coinbase, and Bitfinex over a 37-day period. This amounted to roughly $115 million at the time of transfer. Despite these transfers, Golem still held a substantial amount of ETH, with a press time balance of 231,400 ETH, valued at approximately $656 million.