Tezos (XTZ) Just Withdrew $10 Million From Its ICO Treasury


Tezos (XTZ), a new blockchain platform that features a self-evolving upgrade system, has reportedly withdrawn more than 82,000 ETH (~$10 million) from its ICO treasury reserves this week, making November the largest month of treasury withdrawals in 2018.

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.

ETH Price via CoinCodex

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.

ICO Treasury Balances via Diar

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.

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