ICO Whale sells 3K ETH for 764 million during price crash in Ethereum

Blockchain News Report:
Ethereum ICO giant has resumed sales coinciding with a significant decline in cryptocurrencies.
Despite experiencing fluctuations, 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%, reaching $2531.
The trading volume during the same period was $20.24 billion, and ETH has accumulated a 3.18% decline in the past week. These changes align with the significant sales from participants of Ethereum’s initial coin offerings (ICOs).
ICO participants selling ETH
It is worth noting that Lookonchain’s on-chain analysis
highlighted
sales from early Ethereum investors. It revealed that a specific ICO participant sold 3000 ETH today, worth $7.64 million. This whale had previously sold 7000 ETH in July, worth $24.28 million, causing a nearly 15% drop in Ethereum’s price.
Initially acquired during Ethereum’s first ICO in 2015 at an initial cost of $79,000 for 254,908 ETH, the whale’s holdings have appreciated to a current value of $646 million. As of now, the wallet holds a balance of 37,070 ETH, worth approximately $93.8 million. Given the significant risk exposure to ETH, the wallet’s value remains highly sensitive to price fluctuations.


ETH ICO participant wallet
October ETH ICO sales activity
The selling trend is not limited to a single participant. In early October, two ICO wallets showed noticeable selling activity. On October 8th, one of the whales
transferred
5000 ETH, worth $12.22 million at the time of transfer, to the Kraken exchange. Two weeks prior, the wallet sold 45,000 ETH (approximately $113.2 million) at an average price of $2516;
since the ICO, this whale has sold a total of 60,000 ETH, valued at $149.68 million. Going back to 2019, the whale’s ETH liquidation began with the sale of 5000 ETH at a price of $218 per coin. In June 2024, the same wallet sold 10,000 ETH at a price of $3539 per token, taking advantage of the market peak.
Sales after dormancy
The second whale, dormant for two years, resumed selling on October 1st. The 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 $2655, the whale sold 4000 ETH;
later that day, it sold another 5000 ETH, worth approximately $12.7 million. As of October 3rd,
the selling whale
has sold 19,000 ETH, valued at $47.54 million. The most recent transactions include the sale of 6000 ETH, worth $14.7 million, as the price dropped to $2380, followed by the sale of 4000 ETH.