Tezos (XTZ), a new blockchain platform that features a self-evolving upgrade system, has reportedly withdrawn more than 82,000 ETH (~$10 million) from its ICO treasury reserves this week, making November the largest month of treasury withdrawals in 2018.
Our live #Ethereum ICO Treasury Balances is back up.
— Diar (@DiarNewsletter) November 29, 2018
According to data from market research firm Diar, a staggering 327,000 ETH ($38.2 million) has been liquidated from treasury accounts over the last 29 days as Ethereum’s price was cut nearly in half during the recent market downturn.
In addition to Tezos, other top holders have started moving their capital. One such example is Aragorn, which moved nearly 40,000 ETH into a Dai stablecoin CDP to protect its holdings in recent weeks.
According to Diar, the total amount of ETH from the top 100 tracked wallets is down 24% from the start of the year, and the total value within those wallets has fallen from $3 billion to only $350 million.
More: ICO Treasury Balances
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.