Market Structure
November 20, 2018, 11:50AM EST
• 3 min read

ICOs are not liquidating their ETH treasuries, despite price declines. Yet.

Larry Cermak

Quick Take

  • ICO treasuries now hold a little over 3.57 million ETH, roughly 3.5% of the total Ethereum supply
  • The ETH selloff hasn’t been as drastic as many anticipated
  • In the last two months, ICO treasuries liquidated (or moved) 172,000 ETH (4.6% of total treasury holdings)
  • In aggregate, ICOs have moved or liquidated 64% of the amount that they initially raised
  • The popular narrative that ICOs are selling their ETH reserves is inaccurate

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