Executive Summary
In collaboration with TokenAnalyst, this report analyzes Ethereum balances across ICO projects, tracking dollar-equivalent fundraising amounts and unrealized gains/losses amid ETH price fluctuations. Key findings indicate most projects have sold the majority of their ETH holdings (in USD terms), with many still maintaining unrealized profits even at current prices (~$230).
Macro-Level Insights: 222 ICO Projects
Ethereum Fundraising Overview
| Metric | ETH Amount | USD Value (Millions) |
|---|---|---|
| EOS Fundraising | 7,211,776 | $3,824 |
| Other Projects | 7,972,003 | $1,639 |
| Total Raised | 15,183,779 | $5,463 |
| EOS Sales | (7,211,776) | ($3,892) |
| Other Sales | (4,113,345) | ($1,560) |
| Total Sold | (11,325,121) | ($5,452) |
| Remaining ETH | 3,858,659 | $830 |
(Source: Ethereum blockchain, BitMEX Research, TokenAnalyst, Token Data)
Profit/Loss Breakdown (USD Millions)
| Category | Amount |
|---|---|
| Realized Gains | |
| EOS Profits | $68 |
| Other Projects Gains | $692 |
| Other Projects Losses | ($34) |
| Net Realized | $727 |
| Unrealized Gains | |
| ETH Net Gains | $403 |
| ETH Net Losses | ($311) |
| Net Unrealized | $93 |
| Total Net Profit | $819 |
Key Findings
- Limited Downward Spiral Risk: Despite ETH’s 85% price drop from peak values, projects collectively sold nearly all raised ETH (in USD terms), holding just 25% of original ETH amounts (now worth $830M).
- EOS Dominance: EOS accounted for ~70% of total ETH raised. Excluding EOS, other projects still sold equivalent USD values to their initial raises.
- Net Profitability: Projects recorded $727M realized gains** and **$93M unrealized profits, defying "panic sell" theories.
👉 Explore real-time ETH price trends
Top 20 Projects by ETH Profit/Loss
| Top Gainers | USD Millions | Top Losers | USD Millions |
|---|---|---|---|
| Project A | $120 | Project X | ($45) |
| Project B | $95 | Project Y | ($38) |
| ... | ... | ... | ... |
(Full tables available in source data)
Methodology Notes
- Scope: Analysis covers only ETH holdings on Ethereum blockchain, excluding other cryptocurrencies or self-issued tokens.
- Price Calculation: ETH-USD prices averaged during each project’s ICO period; estimates may have minor inaccuracies.
- Sales Tracking: Monthly ETH balance reductions were calculated using month-end prices.
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FAQs
Q: Did ICO projects cause ETH’s price crash?
A: Data suggests no. Most sold ETH early, realizing profits before the downturn.
Q: How much ETH do projects still hold?
A: 3.86M ETH (~3.8% of circulating supply), worth $830M at current prices.
Q: Are projects still profitable overall?
A: Yes. Net unrealized gains total $93M, with many projects in the green.
Conclusion
ICO projects have minimal ongoing impact on ETH’s price dynamics. While fundraising was highly successful, product development challenges and resource competition may hinder long-term outcomes. The "fire sale" narrative lacks empirical support—projects strategically managed ETH holdings, often securing windfalls before market declines.
Data sourced from Ethereum blockchain, BitMEX Research, and TokenAnalyst. Full methodology details in original report.
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