Tag - Genesis ETH Movement

Genesis ETH Movement Leads to Increase In Days Destroyed

A specific ETH address moved around 93,750 ethereum from its total hold of 314,807.84 tokens since the ICO finished four years ago. Currently, 100,000 of those 300,000 coins still remain in the address. Almost 100,000 of the sum total were sold during the bear market of May and the account is ready to sell the same amount right now.

As per records, the much-hyped addresses uses an intermediary address named ‘the 0a0f’ to transfer ETH. At present the intermediary address states that it holds some 93,000 eth (~$26 million) which have not been moved yet.

Data reveals that after funds are transferred to the above address, they are further circulated to another intermediary or what seems like an exchange deposit address.  One should know that all these funds under supervision were previously sent to a 976 address.  Looking at the sheer number of transactions it can be regarded as an exchange deposit. A detailed study of these movements also reveals that funds are sent to Bitfinex, Kraken or to a number of token exchanges.

It certainly seems that the entity or the individual holding all these assets, who bought them for $80,000 at the ETH ICO, is ready to cash them out. Hence, the whole situation has increased the days destroyed. Although the term is no longer used but it clearly describes this activity.

Days destroyed simply means the numbers of days in which coins have changed their location. In order to get a numerical presentation, you can multiply the amount of coins moved with the amount of days that show zero activity.

It should also be noted that the last spike in days destroyed occurred in May which is also the time when the first batch of genesis coins were sold. Another such spike is being experienced as the same address is about to send more coins on sale.

According to the graphs prepared, based on data provided by Santiment, we can conclude that old coins recorded an increase in the movement back in February and then again in May, followed by a peak in August. However, looking closely at the movements, we will find that the peak of August fades in comparison to the May movement and the previous activity also looks quite insignificant by comparison. The coin holders weren’t exactly hodling their coins when prices reached their peak.

Yet, it cannot be recognized as the only measure as both old and new ETH is still the same. But, we assume that movement in old coins mostly happens for being sold. Again, this condition hints about the improvement in the distribution of supply as people who bought ETH at cheap prices are now selling them out to others.

On the other hand, ethereum experienced a huge sink in prices when it plunged 16 percent in the last 24 hours. Being the second biggest digital currency, it is still trading at $284.58 but has roughly lost all the gains made in the bull run of December 2017.

The decision taken by the above-mentioned address is still confusing as the token is not performing at a bearable level. However, it is difficult to judge the performance or movement of a coin in a highly volatile market like digital currencies.