Ethereum ICO whale sells $60M as top 1% keep accumulating
An early Ethereum investor from the 2014 initial coin offering sold another $60 million worth of Ether (ETH) on Wednesday, realizing gains that amount to a roughly 9,500-fold return over 11 years, according to blockchain data compiled by Lookonchain. During the ICO, the participant acquired 254,000 ETH at approximately $0.31 per token for a total of $79,000, a stake now valued at more than $757 million.
Following the latest transaction, the wallet identified as “0x2Eb” held about $9.3 million in ETH, data from Nansen shows. Market participants on social platforms offered mixed reactions, with some expressing caution about early holders taking profits. The selling pattern appears consistent with gradual profit-taking rather than panic, as the wallet has been trimming holdings since the beginning of September.
Ethereum ICO participant wallet “0x2Eb,” token holdings, 1-year chart. Source: Nansen
Top 1% of Ether addresses keep adding to holdings despite market weakness
Despite recent market softness and sales by some long-time holders, large Ether addresses continue to accumulate. The share of ETH controlled by the top 1% of addresses reached 97.6% on Wednesday, up from 96.1% a year earlier, according to Glassnode.
ETH: Percent of Supply Held by Top 1% Addresses, 1-year chart. Source: Glassnode
U.S. spot Ether exchange-traded funds also returned to net inflows this week after eight straight sessions of outflows. The products recorded $60 million in net positive flows on Wednesday, marking a fourth consecutive day of inflows, according to Farside Investors.
Ethereum ETF Flow in USD, million. Source: Farside Investors
Even with what one analyst described as “constructive” ETF flows and ahead of the upcoming Ethereum Fusaka upgrade, overall market response has remained measured. “The combination of steady inflows and rising derivatives activity suggests investors are rebuilding exposure selectively rather than rotating aggressively across the complex,” said Iliya Kalchev, dispatch analyst at digital asset platform Nexo.
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