- ICO treasuries now hold a little over 3.57 million ETH, roughly 3.5% of the total Ethereum supply
- The ETH selloff hasn’t been as drastic as many anticipated
- In the last two months, ICO treasuries liquidated (or moved) 172,000 ETH (4.6% of total treasury holdings)
- In aggregate, ICOs have moved or liquidated 64% of the amount that they initially raised
- The popular narrative that ICOs are selling their ETH reserves is inaccurate
The price of ethereum has dropped to an 18-month low on Tuesday, settling at $135 at 10am ET. While no one is certain what is causing the recent sell-off, one of the underlying catalysts is certainly the SEC’s heightened enforcement action.
Two weeks ago, the SEC charged the founder of EtherDelta, Zachary Coburn, with operating an unregistered national securities exchange that allowed trading of tokens that are securities under federal securities laws.