The cryptocurrency world continues to see major developments. One of the most notable moves in recent days was the massive ETH sale carried out by the Interchain Foundation, the developer behind the altcoin Cosmos (ATOM) network. According to data from the Ember analytics platform, the foundation sold 4,000 ETH yesterday, worth approximately $9.5 million. This move is seen as part of the foundation’s large-scale liquidation activities since April. Since then, the foundation has sold a total of 15,100 ETH, worth approximately $37.09 million.
Interchain Foundation’s altcoin sale draws attention
The Interchain Foundation made a big splash with its Initial Coin Offering (ICO) in April 2017. During this process, the foundation managed to collect 4,882.7 BTC and 246,891 ETH. The foundation’s crypto assets have grown significantly over time. However, the foundation not only holds these assets, but also actively sells them on the market, generating significant revenues. Over the past seven years, the Interchain Foundation has sold 4,499 BTC and 223,305 ETH, earning a total of approximately $132.2 million.
Despite these major sales, the Interchain Foundation still has significant reserves. The foundation currently has 383.8 BTC and 23,587 ETH in its reserves. These assets are an important guarantee to support the foundation’s long-term strategic plans and sustainability. The Interchain Foundation’s current total assets are worth approximately $56.78 million. The foundation not only holds these assets, but also uses some of these assets to support projects and developers in the Cosmos ecosystem. The majority of these sales are made to contribute to the development of the Cosmos network and related projects.
The altcoin Cosmos (ATOM) continues to hold an important place among blockchain projects. At the time of writing, ATOM ranks 48th among the world’s largest cryptocurrencies. However, it has fallen by 89% from its all-time high price reached in 2021. This decline once again highlights the volatility and uncertainty of the general crypto markets. The Cosmos network is known as an innovative project focused on solving the scalability and interoperability issues of blockchain technology. For this reason, investor interest and support for the project continues. However, fluctuations in cryptocurrency markets and macroeconomic conditions can lead to serious fluctuations in the value of projects like Cosmos.
Ethereum whale moves on Aave
On the other hand, there are also notable movements on the Ethereum network. According to a report by cryptocurrency tracking account @ai_9684xtpa on October 6, the vladilena.eth wallet, known as the Ethereum whale, sent 3,000 ETH to the Binance exchange 11 hours ago. The total value of these ETHs was calculated as approximately $ 7.25 million. This large transfer has led to speculation that the whale is planning to sell.
Over the past 17 hours, the same whale converted 15,033 wrapped ETH (weETH) to Ethereum and deposited it on the Aave platform. The value of this amount is approximately $36.39 million. Following these transactions, the whale transferred 3,000 ETH to centralized exchanges (CEX) and currently has a total of 20,000 ETH on Aave. These moves are raising curiosity about the whale’s future strategies and are being watched closely in the market.
To stay up-to-date with the breaking news, follow us on Twitter, Facebook, and Instagram. Join our Telegram and YouTube channel