On October 1, BitMEX released a report that focuses on the Ethereum holdings of ICO projects. The report concludes that the Initial Coin Offerings sold almost the same ETH as they had raised in US Dollars
Ethereum’s price dipped by about 85 percent ever since the digital currency had reached its peak in the month of December last year. It was during the same time period when many people have observed that the Initial Coin Offering projects were primarily concentrating on the ETH coin.
It is because of this phenomenon that many experts asked whether this was a sensible move and if it could trigger a decline in the price of the virtual currency. In the report, BitMEX stated that the ICOs have made an approximate profit of 727 million USD through selling Ethereum at an increased price as compared to when the currency was raised.
BitMEX also highlighted a chart with the top Initial Coin Offerings projects ranked in the order of their net gains due to the price change of ETH. The largest and the lowest gainer in this scenario were Filecoin and Aventus respectively.
The report not only focused on the profits made by the ICOs but also had a chart that showcased those project names, which incurred the highest net losses from holding the cryptocurrency. BitMEX also tweeted that the report may have minor flaws as the figures shown in the report are mostly estimated. They could have even overlooked a few Initial Coin Offerings, according to KryptoMoney
BitMEX Report’s Interesting Perspectives On Ethereum Balance Of ICO Projects
The report shared by BitMEX revealed some interesting perspectives of the ETH balance in a number of ICO projects. The results hint that a majority of projects sold the same quantity of Ethereum that were initially sold in US Dollar terms.
It also signifies that these ICO projects did not sell all their Ethereum and yet made attractive gains even in the bear market, according to a report on newsBTC. Thus, the results seem to indicate that these projects’ treasury accounts were not exposed to the price shifts of the currency.
The post BitMEX Report Focuses On Ethereum Holdings Of ICO Projects appeared first on OWLT Market.
from OWLT Market https://ift.tt/2IAGgyO
via IFTTThttps://ift.tt/2OlCCL9
Comments
Post a Comment