$ 19.3 million: ICO projects withdrew 170,000 ETH during a recent sale

The recent sell-off in the market, which saw bitcoin fall below $ 4,000 for the first time since September 2017, resulted in the removal of more than 170,000 ETH from initial coin offerings, currently worth approximately 19.3 million USD.

According to a report by the Diar Block Chain Research Company, more than 100,000 ETH ($ 11.4 million) have been transferred from the treasures of ICO projects over the past week. The report states that it was only in September and January of this year that these treasures were accessed.

The report, spotted for the first time by The Next Web, comes shortly after most crypto-currencies saw their prices collapse earlier this year. Ethereum Ether increased from about $ 200 to a minimum of about $ 102 before starting to recover. At the time of the press, it is trading at $ 114.1 after a 9.6% increase in the last 24 hours.

Notably, when the ETH dropped from about $ 350 to $ 200 earlier this year, the data from Santier revealed that ICO projects had "spent" more than 500,000 ETHs at the time. It is clear that this amount could have helped the downside price of cryptocurrency, it only indicates that the funds were transferred from their treasuries.

As The Next Web points out, the sale of cryptocurrency has also resulted in a drop in trading volumes. The main cryptocurrency exchanges, including Binance and OKEx, traded much smaller quantities of crypto than in January, while the downtrend was still recent.

The Diar report also notes that of the chips launched this year and added to the cryptocurrency trades, 75% have seen their volumes "in complete decline" since last month. Nevertheless, the teams behind these projects have so far only removed 22% of their total funds.

Before the market began to collapse and projects began to sell their funds, the total amount collected rose to 4.65 million ETH, which accounted for the time $ 1.7 billion. As reported by CryptoGlobe, funds raised under ICO projects decreased and decreased by 80% in the third quarter of this year.

Despite these statistics, BitMEX research revealed last month that ICOs were selling "almost everything" the ETH they had collected before the market reached what appears to be its floor. This means that they were "sitting on unrealized gains, rather than losses".