Ethereum ICO Whale Dumps 3K ETH for $7.64M Amid Crashing Prices

Ethereum ICO whales have resumed sales, coinciding with a notable decline in crypto.

Ethereum (ETH), despite experiencing volatility, remains a significant focal point in the crypto market among prominent investors. As of today, the crypto has registered a 1.76% decline, pulling the price down to $2,531.

With a trading volume of $20.24 billion in the same period, ETH has faced a cumulative 3.18% decrease in the past week. These movements coincide with notable sales from Ethereum Initial Coin Offering (ICO) participants.

ETH Sale by ICO Participant

Notably, an on-chain analysis from Lookonchain highlights sales from an early Ethereum investor. It disclosed that a particular ICO participant offloaded 3,000 ETH today, valued at $7.64 million. This same whale previously sold 7,000 ETH worth $24.28 million in July, prompting a nearly 15% drop in Ethereum’s price. 

Originally receiving 254,908 ETH during Ethereum’s 2015 ICO at an initial cost of $79,000, this whale’s holdings have since appreciated to a current value of $646 million. As of now, the wallet maintains a balance of 37,070 ETH, worth approximately $93.8 million. Given this significant exposure to ETH, the wallet’s value remains highly sensitive to price fluctuations.

ETH ICO Sales Throughout October

The sell-off trend extends beyond a single participant. In early October, two more ICO wallets showed notable selling activity. On October 8, one of these whales transferred 5,000 ETH, worth $12.22 million at the time of the transfer, to the Kraken exchange. This transfer followed an earlier sale of 45,000 ETH (around $113.2 million) over the preceding two weeks at an average price of $2,516. 

Since the ICO, this whale has cumulatively sold 60,000 ETH for $149.68 million. Tracing back to 2019, the whale’s ETH liquidation began with a sale of 5,000 ETH at $218 per coin. In June 2024, the same wallet sold 10,000 ETH at $3,539 per token, capitalizing on market peaks.

Sales After Dormancy

A second whale, dormant for two years, resumed sales on October 1. This wallet initially received 150,000 ETH during the 2015 ICO, costing $0.31 per coin, and worth $358 million today. On October 1, the whale sold 4,000 ETH when ETH traded at $2,655. 

Later that day, it sold an additional 5,000 ETH, worth approximately $12.7 million. By October 3, the whale sold 19,000 ETH, valued at $47.54 million. Recent transactions include 6,000 ETH sales worth $14.7 million, with another 4,000 ETH sales as the price dropped to $2,380.