Crypto News

Ethereum ICO Participant Sells 2,000 ETH As Tether Treasury Prepares To Mint More USDT

Recent on-chain reports reveal significant activity in the Ethereum ecosystem, with Ethereum ICO participant 0xc33/0xe6d making a notable sale of 2,000 ETH for 5.995M USDC at an average price of $2,997 over the past few hours. 

This participant, who received 33,213 ETH during the Ethereum Genesis ICO on July 30, 2015, at an ICO price of approximately $0.31, has been actively managing their holdings. 

Since January 21, 2022, they have deposited 5,110 ETH to Kraken or sold via decentralized exchanges (DEX) at an average price of $2,545, amounting to $13M. Currently, they retain approximately 29,712 ETH, valued at $89.4M, across three wallets, primarily under staking platforms.

318M USDT Movement From Tether Treasury 

In parallel, Lookonchain data indicates a substantial movement of 318M USDT from the Tether Treasury to exchanges on the Ethereum network within the past 18 hours.

With the Tether Treasury currently holding only 124M USDT on Ethereum, expectations are high for an imminent minting of another 1B USDT on the Ethereum network.

These developments underscore the dynamic nature of activity within the Ethereum ecosystem, with participants actively managing their holdings and Tether Treasury preparing to inject additional liquidity into the market through the minting of USDT.

Such movements may have implications for Ethereum’s price dynamics and the broader cryptocurrency market, warranting close monitoring by investors and market observers alike.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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