- New research reveals 434,000 ETH sold in December belongs to ICO treasuries with Filecoin leading the sell-off.
- The trend continues November’s massive selloff.
- Given the declining prices, the withdrawal coincided with a period of year-low ETH prices.
Now we can definitely say that 2018’s bear market took its toll on a lot of the projects which had their initial coin offerings on Ethereum’s blockchain.
According to a new study by market research company Diar, December hadn’t ended yet but in 28 days already saw more than 434,000 ETH liquidated from ICO treasuries. This makes it the current month during which the selloff hit its year-long high.
The research firm also reveals that during 2018 the monthly average withdrawal of ETH from treasuries is 2.45 percent. To put things in perspective – December saw a total of 12.50% of ETH being liquidated from ICO treasuries.
There’s currently 3,041,592 ETH left held by ICO treasuries – 30 percent less since January’s 4,623,148 ETH.
December’s selloff seems much like a continuation of the bearish trend in November. As CryptoPotato reported, November had an amount of 290,000 ETH withdrawn from ICO treasury accounts with Tezos cashing out as much as 82,000 ETH.
Filecoin Leads the March
Filecoin was the project which liquidated the most ETH in December. It withdrew a total of 216,906 ETH, essentially draining its treasury account, which currently sits at 1 ETH.
Following Filecoin is Kyber Networks which withdrew 66,454 ETH from its wallets. The third place belongs to SingularDTV which cashed out 61,768 ETH.
Regardless of the reasons for the selloff, it’s worth noting that November and December haven’t been particularly lucrative for ETH’s price. At the lowest point in December, it was trading at around the $80 mark. The last time the cryptocurrency traded at or below these rates was in May 2017, 17 months ago.