The cryptocurrency market continues to see significant activity, with one of the most notable moves being a large-scale Ethereum (ETH) sale conducted by the Interchain Foundation, the development team behind Cosmos (ATOM). According to data from Ember analytics, the foundation sold 4,000 ETH valued at approximately $9.5 million just yesterday. This sale is part of a broader liquidation strategy that the foundation has been executing since April, during which they have sold a total of 15,100 ETH, worth around $37.09 million.
Interchain Foundation’s Massive Altcoin Sale Draws Attention
Interchain Foundation first gained prominence in April 2017 with a highly successful Initial Coin Offering (ICO), raising 4,882.7 BTC and 246,891 ETH. Over the years, the foundation’s crypto holdings grew substantially. Rather than holding onto these assets indefinitely, the foundation has actively sold portions of its reserves, earning approximately $132.2 million by selling 4,499 BTC and 223,305 ETH in the past seven years.
Despite these sales, the foundation still holds a significant reserve of 383.8 BTC and 23,587 ETH, providing a strategic buffer for the long-term development of the Cosmos ecosystem. These funds are not just sitting idle; they are being used to support Cosmos-related projects and developers. The proceeds from these sales continue to play a vital role in advancing the blockchain’s goals of scalability and interoperability.
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Ethereum Whale Shifts Millions Amid Market Uncertainty
Meanwhile, a notable Ethereum whale made headlines with significant activity in the market. The whale, known by the address vladilena.eth, recently transferred 3,000 ETH, worth around $7.25 million, to Binance, leading to speculation of a potential large sale. In the last 17 hours, this whale also converted 15,033 wrapped ETH (weETH) back to Ethereum, valued at approximately $36.39 million, and deposited these funds into the Aave platform. Currently, this whale holds a total of 20,000 ETH on Aave, further fueling interest in their future strategies.
These large movements from both the Interchain Foundation and prominent Ethereum whales underscore the volatility and unpredictability that continues to characterize the crypto markets. While Cosmos remains one of the most innovative blockchain projects, its price has experienced a significant decline, down 89% from its all-time high, a reflection of broader market conditions.
As the market watches these developments, it remains clear that the strategic moves of whales and foundations alike will continue to influence the direction of the crypto industry.
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