Over the past month, ICO projects that attracted funds mainly in ETH, sold about 100,000 ETH, which put pressure on the price of the second cryptocurrency by capitalization and led to a significant drop of its rate.

From mid-July to mid-August 2018, several dozens of projects that attracted investments via initial offerings of coins (ICO) and raised financing in Ethereum, exchanged large volumes of collected coins, Trustnodes writes. So, according to analytical service Santiment, Atonomi sold 12,000 ETH, AppCoins exchanged 8,400 ETH. Openledger and Etheroll sold 5,400 ETH, although representatives of Etheroll claim that they did not sell, but just move the assets to an upgraded smart contract. Status got rid of up to 4,800 ETH. Totally, within the last month, ICO projects sold 100,000 ETH.

In general, it is difficult to determine exactly which projects sold their ETH, and which only moved assets to other addresses and smart contracts. But the Ethereum price demonstrates large-scale pressure, thus, it is worth assuming that something pushes it downwards.

Since early July 2018, the Ethereum price fell from $451 to $321. Ethereum was not traded since mid-November 2017 at this level.