Initial Initial Offerings (ICOs) Selling 1 Million Ethereum in a Week!
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Answer Initial Initial Offerings (ICOs) Selling 1 Million Ethereum in a Week!
The past weeks witnessed a significant drop in the price of the Ethereum currency, specifically between the sixth of September and the thirteenth of the same month, at which point nearly one million Ethereum was sold, with a total value of approximately $206 million.
Santiment data showed that 944,582 Ethereum was sold in one week, and then we witnessed a sudden drop in the price of Ethereum to reach levels of $167.
This data comes based on the difference between deposits and withdrawals of Ethereum currency in cryptocurrency trading platforms during this period.
This correlation seems rather clear recently, if more Ethereum is deposited in cryptocurrency exchanges than with withdrawals, it is a negative sign and vice versa.Read:Binance announces a $100,000 competition to test the new platform
The report indicated that on September 12, the difference between deposit and withdrawal amounted to 302,000 Ethereum in favor of the deposit, and on the same day we witnessed a strong selling, bringing the price of Ethereum to levels of $167 and the price rose after that.
The data indicated that the week between the sixth of September and the thirteenth of the same month witnessed the longest continuous period of high numbers of deposits compared to withdrawals from cryptocurrency trading platforms.
This can be seen most clearly in the annual chart, considering that what happened in February was related to the conversion of the Poloniex platform after it was acquired by Circle.Read:NEO management in talks with CELR project to explore ways to expand
The market witnessed one of the largest and strongest sales of the Ethereum currency in a continuous period, which may indicate that some initial offering (ICO) projects have surrendered to the market and wish to provide liquidity to continue their projects.
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