The Tezos project has just taken 82,000 ETH out of its treasury wallet. At the time of writing that equates to over $9.5 million that may have been sold by the project.

According to data from diar.co, “November is the largest drawdown period this year”. We have seen 327,000 ETH withdrawn from the 49 project treasury wallets being tracked by the site this month.

Our live #Ethereum ICO Treasury Balances is back up. A 82K $ETH withdrawal from @tezos now marks November as the largest drawdown period this year. More here: https://t.co/nlVYQkHf6I pic.twitter.com/ySfUauntKZ — Diar (@DiarNewsletter) November 29, 2018

The Tezos project has the stated aim of formalising blockchain governance. It has, however, been a bumpy ride for the project since its ICO fundraiser in July 2017, which raised more than $220 million in ETH.

Unlike most ICOs at the time the project chose not to release the XTZ tokens supply. It did eventually release tokens to ICO investors nearly 12 months later in June 2018.

This wasn’t without controversy. The requirements to claim tokens included the seed phrase from the ICO contribution, user password from the ICO, user public key and, finally, the activation code received after completing KYC.

$500 million in assets

Tezos is today the 20th biggest cryptocurrency and has a market cap of more than $330 million.

In October this year, the Tezos foundation announced it “held approximately $500 million in assets, making Tezos one of the most well-funded blockchain projects worldwide”.

Given its $500 million in assets, it is interesting to see its Ethereum treasury balance drawdown to only 120,000 ETH or $14 million. Just this week Coin Rivet reported on the Aragon project selling more than $1.5 million worth of crypto from its own treasury.

As volatility ramps back up in the crypto markets, we expect to see a continuation of this asset switch from crypto to fiat pegged holding.