Crypto Research and Trading Platform Reveals ICOs Hold Billions of ETH to Date!

Crypto Research And Trading Platform Reveals ICOs Hold Billions Of ETH To Date!

Firm known for assessing market sentiments, Santiment has recently shared the results of what it refers to as the “Ethereum Spent Overview”. It took a look at over 650 Initial Coin Offerings (ICOs), which collected funds in Ethereum [ETH].

Besides the Ethereum Foundation, the next ICO project to hold the largest ETH balance is that of DigixDAO, who currently holds nearly 466,650 tokens. Backed by the Ethereum blockchain, DigixDAO plans to create a cryptocurrency backed by gold. Following DigixDAO, are Golem (360,020 ETH), Status (249,420 ETH), Aragon (237,470 ETH) and SingularDTV (224,610 ETH).

According to TrustNodes’ reporting, each ICO has managed to hold over $3 million worth of ETH, which is not far off from the Ethereum Foundation’s current holding of approximately $200 million. Another interesting point shared by TrustNodes is OmiseGo’s current holding of ETH, which is currently sitting at 0. Whether this is factual or a glitch in the Santiment system remains unclear at the time of writing.

Over the past week, many investors have supposedly sold their ETH holdings, which have amounted to approximately $37 million based on today’s ETH price.

As more and more projects get built on the Ethereum blockchain, its entire network is surely to get congested, creating a similar scalability problem to that of Bitcoin. Therefore, those selling their holdings does not come of surprise. Similarly, the Ethereum blockchain has competition of its own, as more crypto projects are working their way towards establishing their own MainNets to support DApps and token creations (i.e. Tron and Bitcoin Cash to name some).

Majority of ETH tokens have supposedly been sold in the beginning of 2017, where each token grew by 2000% (that is from $20 to $420). Unfortunately, Santiment’s reporting failed to address the statistics in relation to “miner’s ethereum liquidations.”

At the time of writing, ETH’s price is approximately USD$276.87, with a market capitalization of USD$28 billion and a trading volume of USD$1 billion. For the time being, the token has increased in value by 0.59% when traded against BTC, and 0.97% when traded against the US dollar.

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