Ethereum ICO participant sold over 11,500 ETH for $23 million

One of the early participants of the Ethereum initial coin offering (ICO) sold 11,552 $ETH for approximately $23 million, according to analysts at Lookonchain.

According to the data, the investor purchased 38,800 $ETH during the ICO in 2015 at a price of about $0.31. Thus, the initial investment amounted to approximately $12,000 and is now valued at around $80 million.

An analyst known as Daniyal stated that large players are engaged in a “war” using high leverage of 50x–120x. According to him, whales are effectively trading against the liquidation levels of retail traders.

He noted that participants using lower leverage, such as 8x, become liquidity for larger positions.

Another commentator highlighted the risks of long-term holding without a clear exit strategy. According to him, even being an early investor does not guarantee effective timing:

“Imagine holding an asset for over 10 years just to sell it at the bottom of a correction.”

At the time of writing, Ethereum is trading at around $2,000.

Earlier, it was reported that an Ethereum ICO participant moved 100 $ETH after 10 years of inactivity.

See also: "Tether Gold launches on BNB Chain, expanding access to tokenized gold"

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