Ethereum ICO Whale Cashes Out 60 Million Dollars After 9,500x Gain as Top One Percent Keep Buying ETH While a recent market downturn has prompted some long term Ethereum investors to take profits, including one notable ICO participant who cashed out a significant sum, the largest class of ETH whales has not been deterred. Data reveals that the top one percent of Ethereum addresses are continuing their steady accumulation of the asset, suggesting strong underlying confidence from its most substantial holders. This activity coincides with a gradual improvement in sentiment surrounding the potential approval of a spot Ether ETF in the United States. The story of the selling whale is a reminder of Ethereum’s incredible growth trajectory. An address that participated in the initial coin offering in 2015 recently moved 20,000 ETH to the Kraken exchange, a transaction valued at approximately 60 million dollars. Given the initial investment price during the ICO was around 0.31 dollars per ETH, this single trade represents a gain of nearly 9,500 times the original capital. This event highlights the immense wealth generated for early supporters, but also introduces selling pressure into the market as these OG investors realize their profits. However, this isolated sell-off appears to be an exception rather than the rule among the network’s most powerful participants. On-chain analytics show that the cohort of the largest Ethereum whales, defined as addresses holding at least one percent of the total circulating supply, has been actively increasing their holdings. This persistent accumulation by entities with the deepest pockets indicates a belief in Ethereum’s long term value proposition, despite short term price volatility and profit taking from other cohorts. Their buying activity often serves as a counterbalance to selling pressure, helping to stabilize the asset’s price floor. This behavior from major holders is unfolding against a backdrop of renewed optimism for a spot Ethereum ETF. After a period of skepticism, buyer sentiment is slowly improving as key deadlines for regulatory decisions from the Securities and Exchange Commission approach. While approval is not guaranteed, the mere possibility of a new, accessible avenue for institutional and retail investment in the United States is providing a bullish narrative for the market. Analysts suggest that the ongoing accumulation by whales could be a strategic positioning in anticipation of such a catalytic event, which would likely bring a massive influx of new capital into the Ethereum ecosystem. The current market dynamic presents a tale of two perspectives. On one hand, early investors who have seen life changing gains are understandably liquidating portions of their holdings, a natural and expected part of any asset’s lifecycle. On the other hand, the most significant and likely most sophisticated market participants are using any price weakness as an opportunity to buy more. This suggests that for these large entities, the long term vision for Ethereum, encompassing its role in decentralized finance, smart contracts, and the broader web3 space, outweighs concerns about near term price action. The steady hand of the whales provides a layer of confidence to the market, signaling that the foundational belief in Ethereum’s utility and future remains firmly intact among those with the most skin in the game.
