Analysts at BitMEX Research believe that ICO projects cannot affect the rate of the major altcoin. Most ICO startups sold the cryptocurrency.
1/ BitMEX Research publishes a new report analysing the Ethereum holdings of the ICO projects. We establish that the ICOs have already sold almost as much US$ worth of Ethereum as they initially raised.
— BitMEX Research (@BitMEXResearch) October 1, 2018
Data compiled with help from @thetokenanalysthttps://t.co/NTXHg10EOj pic.twitter.com/71U7C7zRW3
ICO projects are unlikely to affect the cost of ethereum, according to a new report from the BitMEX Research team. Analysts found that startups already cashed almost all of the cryptocurrency they received during the financing phase.
Two hundred twenty-two projects for the primary placement of tokens attracted about $5,463 billion, by September 2018 they sold ethereum for $5,452, the difference is $11 million. On the accounts of startups, there are still about 3.8 million ETH, which is approximately $830 million at the average market rate as of October 1.
The total profit of ICO projects, which sold the cryptocurrency at a peak price in January, is $727 million. Despite the decrease in the cost of ethereum by 85% in 2018, the unrealized profit of ICO projects at the moment is $93 million.
WHY IS IT IMPORTANT:
- Despite the drop in the cost of ethereum, most ICO projects managed to save their funds. According to BitMex analysts, they managed to withdraw the cryptocurrency in fiat.
- Analysts came to the conclusion that the real impact of startups on the price of ethereum is insignificant. Experts at BitMEX Research said they could make mistakes in some details, but they described the situation on the market quite accurately.
- BitMEX Research believes that the real balance of ICO projects’ accounts is unlikely to bring down the ethereum course, as many representatives of the crypto community believe.
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