According to a report published by BitMEX today Monday, October 1, the majority of the Ethereum (ETH) raised by ICOs have been sold making over $700 million in the process by selling them a higher price.
The findings, compiled in partnership with crypto analytics resource TokenAnalyst, further suggested that despite Ethereum’s (ETH) price decline in 2018, ICO projects still had $93 million in “unrealized profits.”
Specifically, the researchers looked at the amount of ETH raised by the projects and the U.S. dollar value of the gains and losses that arose from the cryptocurrency’s price shifts.
The researchers say that the fall in the value of ETH this year did not cause hardship at projects overall.
The team states that, following the fall in the value of ETH, some in the industry had raised the possibility of a “downward price spiral” due to big pools of ETH held by ICO projects. Further, the price drop was feared to raise the likelihood of “panic selling” across projects.
Coming in at the top of the gains list is Filecoin. The project managed to make over $135 million from the fluctuating price of Ethereum but also incurred an unrealized loss of around $25 million.
In terms of losses, Sirin Labs leads with quite a margin. The project managed to lose a little over $40 million, the vast majority of which remains unrealized.