Ethereum ICO Whale dumps 3K ETH for 764 million amidst a sharp price decline

CoinDesk Report:
Ethereum ICO giants have resumed sales amidst a significant downturn in the cryptocurrency market.
Despite experiencing volatility, Ethereum (ETH) remains a key focus for prominent investors in the cryptocurrency market. As of today, the price of the cryptocurrency has dropped by 1.76% to $2,531.
The trading volume during the same period was $20.24 billion, and ETH has seen a cumulative decrease of 3.18% in the past week. These fluctuations align with significant sales by participants in Ethereum’s initial coin offerings (ICOs).
ICO Participants Selling ETH
Notably, on-chain analysis by Lookonchain highlighted sales by early Ethereum investors. It revealed that a specific ICO participant sold 3,000 ETH today, worth $7.64 million. This whale had previously sold 7,000 ETH in July, worth $24.28 million, resulting in a nearly 15% drop in the Ethereum price.
Originally acquired during Ethereum’s first ICO in 2015 at an initial cost of $79,000 for 254,908 ETH, this whale’s holdings have appreciated to a present value of $646 million. As of now, the wallet holds a balance of 37,070 ETH, valued at approximately $93.8 million. Given the significant exposure to ETH, the wallet’s value remains highly sensitive to price fluctuations.


ETH ICO Participants’ Wallet
October ETH ICO Sales Overview
The selling trend is not limited to a single participant. In early October, two ICO wallets displayed noticeable sales activity. On October 8th, one of the whales transferred 5,000 ETH, valued at $12.22 million during the transfer, to the Kraken exchange. Two weeks prior, the same transaction sold 45,000 ETH (approximately $113.2 million) at an average price of $2,516.
Since the initial ICO, this whale has sold a total of 60,000 ETH, worth $149.68 million. Going back to 2019, the whale’s ETH liquidation began with the sale of 5,000 ETH at a price of $218 per coin. In June 2024, the same wallet sold 10,000 ETH at $3,539 per token, taking advantage of the market peak.
Sales after Dormancy
The second whale, dormant for two years, resumed sales on October 1st. This wallet initially acquired 150,000 ETH during the first ICO in 2015, at a cost of $0.31 per coin, currently valued at $358 million. On October 1st, when the ETH trading price was $2,655, the whale sold 4,000 ETH. Later that day, it sold an additional 5,000 ETH, worth approximately $12.7 million. As of October 3rd, the whale has sold 19,000 ETH, valued at $47.54 million. The most recent transactions include the sale of 6,000 ETH, worth $14.7 million, as the price dropped to $2,380, followed by the sale of 4,000 ETH.