ICOs Liquidate Over $17 Million ETH Amidst Crypto Market Collapse

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Amid the cryptocurrency market’s recent collapse, blockchain developers have liquidated over $17.7 million worth of Ethereum tokens (ETH) in the past month, marking the largest withdrawal for this year, the Next Web reported November 27.

In the last week alone, more than 100,000 ETH has so far been withdrawn from Initial Coin Offering (ICO), according to blockchain research unit Diar.

As the report indicated, despite the massive dip in trading volume across the crypto markets, with roughly 60 percent of exchanges including Huobi, Kraken, Binance, and OKEx facilitating less trading volume compared to January this year, the ICO sector has seen a significant increase in “development funds” between January to September 2018.

The marked decline in trading volume was particularly evident for newly launched digital assets at the onset of 2018. According to Diar’s released data, more than 75 percent of cryptocurrencies that were added to crypto exchanges this year have suffered a “complete decline” in October.

Amidst the dwindling interest of retailers and the recovery in volatility, only around 22 percent of the total funding in ICO treasuries have so far been withdrawn to date, Diar analysts concluded.

Prior to this year’s liquidation period, over 4,651,675 ETH worth $1.7 billion were held in ICO treasuries.