Cosmos Network Developers Move 295.3 BTC Raised During 2017 ICO

Cosmos Network developers have made big adjustments to their cryptocurrency holdings, transferring 295.3 Bitcoin (BTC) worth over $27.7 million from monies raised during their 2017 Initial Coin Offering (ICO). Blockchain analyst Yu Jin says this is the team's first Bitcoin transfer in nearly two years.

Cosmos Network held its ICO in April 2017, generating around $17 million in donations, which included 4,882.7 BTC and 246,891 Ethereum (ETH). The value of these assets has increased dramatically over time.

According to Yu Jin, these latest sales and transfers are most likely the result of monies raised during the ICO, which saw considerable contributions in Bitcoin and Ethereum. The recent market bull run that saw BTC hit new highs resulted in a huge boost in the value of its assets.

According to Yu Jin's estimate, the unsold component of these holdings, along with previously liquidated sums, increased the initial $17 million to a whopping $213.1 million.

Cosmos Bitcoin and Ethereum Activity in 2024

Cosmos developers have transferred 4,786 BTC and 229,703 ETH since the ICO in 2017. Despite these recent transfers, they still have 96.4 BTC and 17,188 ETH, valued at $67 million. The high growth of Bitcoin and Ethereum over the years has greatly increased the value of unsold assets.

The new Bitcoin transfer follows a string of high-value sales made by Cosmos engineers this year. In October 2024, the Interchain Foundation, the team behind Cosmos, sold 4,000 ETH for $9.5 million.

Between April and October 2024, the organization sold 15,100 ETH, worth $37.09 million. These transactions increased this year's total sales to 21,600 ETH and 295.3 BTC, totalling $78.67 million.

Like the rest of the crypto market, Cosmos' native token (ATOM) has had a terrible December, losing 24% in the last 30 days. ATOM is trading at $6.79 at press time, up 6.6% from 24 hours earlier.

Bitcoin's Short-Term Struggles Drive Investors to Lock in Gains

Bitcoin's price is struggling, falling from a 6-day high of $99,000 to just above $93,000, according to CoinGecko's latest reports. The current price consolidation phase may have spurred whales like Cosmos to sell, increasing selling pressure even higher.

Bitcoin held above the $92,000 barrier on Friday, providing some comfort to the market during the weekend. However, the $100,000 barrier remains a substantial challenge for buyers.

Today, the cryptocurrency remapped its support to nearly $93,000, momentarily reaching $96,000 before being rejected. It has since dropped to $93,500, losing at least $1,000.

Although positive interest exists, momentum is limited. If bulls regain control, Bitcoin may attempt another climb beyond $100,000. Sustained gains above this level may strengthen the current bullish trend within its ascending channel, but it risks becoming overbought.