Cosmos developer sells 3,000 Ethereum from ICO, adding to 21,600 ETH sold earlier

A large liquidation of Ethereum holdings has been observed from the Cosmos developer Interchain Foundation, with another 3,000 ETH ($10.16M) sold from their 2017 ICO reserves.

This continues a pattern of sales that has seen 21,600 ETH ($55.97M) liquidated since April 2024, with an average selling price of $2,591 per ETH.

Interchain Foundation holds 23,587 Ethereum now

According to analyst Ember CN, Interchain Foundation’s latest transaction adds to their systematic liquidation of ICO assets from April 2017. After the recent sales, the foundation maintains substantial holdings of 383.8 BTC and 23,587 ETH, valued at approximately $95.48 million.

The foundation’s decision to continue selling comes during a period of strong market performance for Ethereum, which jumped from a 24-hour low of $3,127.13 to as high as $3,418.54.

Early Ethereum whale comes to life after 8 years

Concurrent with the Interchain Foundation’s sales, Lookonchain has identified significant movement from a 2016-era whale address. This particular wallet, which accumulated 398,889 ETH at an average price of $6 between January 18 and March 10, 2016 (worth $2.4M at that time), has reactivated after more than eight years of dormancy.

Since November 7, the address has sold 73,356 ETH, worth approximately $224.42 million. The whale has retained 325,533 ETH valued at $1.1 billion at current prices.

The continuous ETH liquidation by Cosmos developers coincides with underwhelming performance from their native ATOM token. Ember CN highlights that ATOM currently trades at $6.5, below its $10 price point from late 2022 when Bitcoin was valued at $16,000.

This performance makes ATOM one of the worst-performing mainstream altcoins during the current market cycle, particularly notable given the broader market’s strong recovery. Despite the substantial selling pressure from both the Cosmos team and the early whale address, Ethereum’s price has demonstrated remarkable strength across all timeframes.

ETH has achieved a 7.7% increase over 24 hours, building on a 10% weekly gain. The medium-term performance shows a 31.8% growth over the past month.

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