Over 400,000 ETH Moved Out Of Ethereum Wallets of ICOs in the Last Month

Data from crypto asset data and software development firm Santiment shows that more than 400,000 ETH has moved out of wallets in the past 30 days, with SingularDTV, Aragon and the Kobe’s Network leading the selling charge.

Although there is no confirmation these funds were sold after being moved. Based on Santiment’s data, ETH exodus from ICO team wallets has been much higher over the past thirty days than periods prior.

On average, there are around 70,000 unique addresses that are added each day which shows that the Ethereum network is still growing. However, this should not be misunderstood for active Ethereum addresses, which have fallen significantly. The number of active Ethereum addresses, addresses which have sent or received Ethereum transactions on any given day, has dropped by a significant 68% from its peak, one of the severe repercussions of the drawn-out bearish market that Ethereum has undergone.

Cointelegraph, who broke the study notes that:

“According to a study from ICO analysis firm ICORating in mid-November, not only are ETH outflows seemingly on the rise, but the sector overall saw a decline in initial funds raised in the third quarter of this year.”

Notably, Santiment does not sample the data of ETH all the way to the exchanges, thus implying that the tracked data is for selling activities. They have given a breakdown of wallets and ranked the ICO teams in the following order.

Santiment is a platform for accessing cryptocurrency data, sharing insights, and learning about how crypto markets work. We’re bringing in researchers, traders, developers… a group of like-minded experts who know how to work with this data. They are building simple interfaces around the data to turn it into more digestible forms.

The cryptocurrency market has seen a bad year, though every asset dealt with it differently. Bitcoin had some of the least amounts of damages, totaling to 83% in losses, which is still fairly steep. However, for being one of the top three crypto assets by market cap, Ethereum’s 94% loss is substantial. Its performance has bumped it below Ripple’s XRP token, and many analysts believe that this downward path is justifiable.

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