In a move that contrasts with the current market correction, an Ethereum ICO whale has executed a massive asset sell-off. This early investor, active since the project’s inception, recently offloaded $60 million worth of Ether, realizing a historic return on investment after more than a decade of financial patience.
According to on-chain records analyzed by Lookonchain, this participant acquired their tokens at a meager price of $0.31. With an initial investment of just $79,000 for 254,000 tokens, they managed to accumulate a fortune that today exceeds $757 million, evidencing the immense power of long-term holding. Following this latest sales operation, the wallet publicly identified as 0x2Eb retains a significantly reduced balance of $9.3 million.
On the other hand, while some social media observers label these “OG” investor sales as concerning, the data suggests calm. This is not sudden panic, but rather a gradual profit-taking strategy initiated at the beginning of September, allowing the investor to secure liquidity without crashing the asset price abruptly in the open market.
Is this sale a warning sign or a strategic profit-taking?
Despite the liquidation by this historic actor, fundamental data tells a different story of accumulation. The top 1% of richest addresses haven’t stopped buying, increasing their supply control to 97.6% according to Glassnode. This demonstrates that strong hands and current whales fully trust the blockchain technology, taking advantage of low prices to increase their strategic positions in the face of volatility.
Likewise, institutional sentiment shows clear signs of recovery following a negative streak of eight days of net outflows. Spot Ether exchange-traded funds (ETFs) in the United States recorded positive inflows worth $60 million on Wednesday, marking the fourth consecutive day in the green according to Farside Investors. Iliya Kalchev, an analyst at Nexo, notes that investors are rebuilding their exposure selectively.
To conclude, the landscape suggests a balance between profit-taking by veterans and the entry of new institutional capital. With the upcoming Ethereum Fusaka upgrade on the horizon and constructive ETF flows, the market is expected to maintain a measured and mature reaction, consolidating key levels while large holders continue betting on the ecosystem’s future growth.
