Cosmos Developers Cash Out $9.5M in ETH, Triggering Market Shifts

Key Points:

• Cosmos developer Interchain Foundation sold 4,000 ETH (worth $9.5 million) just 27 hours ago!
• In the last five months, they’ve offloaded 15,100 ETH, totalling around $37.09 million.
• The foundation initially raised $17 million in 2017, including 4,882.7 BTC and 246,891 ETH, fueling the development of the Cosmos ecosystem.

According to on-chain analyst Ember, Cosmos developer Interchain Foundation just made a move, selling 4,000 ETH worth around $9.5 million.

Cosmos developer Interchain Foundation’s Significant ETH Sale Raises Eyebro

The Cosmos developer sale happened about 27 hours ago and was part of a broader trend over the last five months. Since the end of April this year, the foundation has sold 15,100 ETH worth around $37.09 million.

The ETH in question was raised in April 2017 through Cosmos’ Initial Coin Offering (ICO). At the time, the Interchain Foundation raised roughly $17 million in funding, comprising 4,882.7 BTC and 246,891 ETH. This ICO was pivotal in fundraising for Cosmos, a blockchain platform mainly concerned with interoperability between chains.

Read more: Cosmos Hub V19 Upgrade Is Now Launched To Boost Ecosystem

The Impact of ICO Success on Cosmos Development

The developers’ selling of a large amount of ETH raised curiosity and mixed feelings among the crypto community, particularly among Cosmos investors and enthusiasts. While there’s nothing out of the ordinary about project foundations liquidating assets over time, the high volume of ETH sold raises one’s curiosity about future plans from the Interchain Foundation and the Cosmos ecosystem in general.