According to Diar, about 420,000 ETH have been liquidated from ICO funds so far in December, making the month the most notable withdrawal duration of the year.
The research firm also revealed statistical data for this year’s prolonged bear market. In January, the total amount of ETH held in ICO wallets was 4,623,148 ETH. Currently, the number has been reduced to 3,052,168 ETH. The average monthly withdrawal is 2.45, whereas the current month has witnessed 12.20 percent of Ether withdrawn from treasuries or an aggregate of 423,816 ETH so far.
An enormous sell-off was also observed in November as over 290,000 ETH were liquidated.
About half of the total liquidation of ETH in December can be attributed to one single project, Filecoin, selling off all its holdings of 216,906 ETH. Followed by Substratum, that sold off almost all of its ETH holdings, withdrawing 8,931 ETH this month. Whereas, Kyber, sold off 66,454 ETH and is left with just over 3,000 ETH in the wallet. The reason behind liquidation remains undisclosed.
On observing the $116,091 yearly price chart, the third quarter has been brutal for the cryptocurrency. In December, it dropped to as low as $83, which is around 95 percent down from its all-time high record at the beginning of the year.