The initial coin offering (ICO) sector is a very interesting one. It was fascinating to watch how much of a surge in popularity it experienced during 2017, which continued into 2018.
The sector has become more and more integral to companies that are looking to get funds for their operations. There is less of a stigma attached with the sector these days and institutional investors are eager to get involved in any way they possibly can.
Many people made a killing during the ICO boom, as well as the massive bull market in the cryptocurrency sector as a whole. Getting in on the ground level for a major cryptocurrency would make you millions. This is exactly what happened to one particular investor when he got involved with the Ethereum ICO. Now there have been some interesting developments as to where he is putting these funds.
What are the details about this Ethereum ICO investor?
This investor in question is anonymous, but after investing in the Ethereum ICO, they received over 314,000 ETH as a result of the Genesis block that is part of the network. Now they have sent about 20,000 ETH into Bitfinex, which at current market prices is worth around the$5.5 million mark.
There have been many people watching activity on this investor’s wallet to see what the next move is. Of course 20,000 ETH is not a large portion of the entire ETH holding this investor has, they have in the past also moved a large sum of ETH into Bitfinex.
It was back in May that there was over 116,000 ETH which had a value of about $65 million back then was shown to be part of a number of different transactions that took place in the intervening months.
It is more than likely that when the funds were moved to Bitfinex this week that they were sold. There is still over 104,000 ETH in the wallet of the investor, which at current market prices is equivalent to about $28 million.
The Ethereum price has of course been tanking in recent months, having bypassed the $1,000 mark at one stage and now being under the $300 mark. This investor may be looking to liquidate as much of their holdings as possible before holding onto the rest of their holding with the hope of future appreciations in its price.