Ethereum ICO Investor Cashes Out $60 Million After Incredible 9,500x Gain as Top 1% Continue to Accumulate ETH

Ethereum ICO whale cashes out $60M after 9,500x gain as top 1% keep buying ETH

Summary:
An early participant in Ethereum's initial coin offering (ICO) has sold $60 million worth of Ether, reflecting a staggering 9,500-fold return on investment over 11 years. As this investor cashes out, the richest 1% of Ether holders continue to accumulate the cryptocurrency, indicating ongoing confidence in its future despite market fluctuations.

Key Takeaways:

An Ethereum ICO investor sold $60 million in Ether after a 9,500% return.
The investor bought Ether for approximately $0.31, now worth about $757 million.
The top 1% of Ether holders are increasing their holdings, now owning 97.6% of the supply.
Recent inflows into Ethereum ETFs suggest renewed investor interest.

Ethereum ICO Investor Sells Major Holdings After Huge Return

While some long-standing Ethereum investors are opting to cash out, the top 1% of wealthiest Ether holders continue to buy more of the second-largest cryptocurrency despite the current downturn in the market. An investor who took part in Ethereum's ICO sold another $60 million worth of Ether recently, achieving an astonishing 9,500 times return on their investment over the past 11 years.

When the ICO was held, this investor purchased Ether at around $0.31 per token, spending a total of $79,000 on 254,000 tokens. Now, these holdings are valued at over $757 million, based on data from the blockchain analytics platform Lookonchain. Following the recent sale, the investor's wallet (identified as 0x2Eb) now contains approximately $9.3 million in Ether, as reported by crypto intelligence platform Nansen.

Ethereum ICO participant wallet 0x2Eb, token holdings, one-year chart. Source: Nansen

While some investors praised this long-term holder's strategy and patience, others expressed concern that selling profits could indicate potential further declines in the market. One user on X, named Raye, remarked, “This trend of OGs selling their bags is concerning.”

Nevertheless, the whale's selling activity does not appear to reflect panic but rather a consistent profit-taking strategy, with the wallet having sold off portions of its holdings since early September.

Wealthiest Ether Holders Continue to Buy Amid Market Downturn

Even with the market experiencing drops, the wealthiest 1% of Ether holders are still accumulating more of the cryptocurrency. According to blockchain data platform Glassnode, the supply of Ether held by this group increased to 97.6% as of Wednesday, up from 96.1% the previous year.

ETH: Percent of Supply Held by Top 1% Addresses, one-year chart. Source: Glassnode

In addition, the U.S. spot Ether exchange-traded funds (ETFs) have resumed their accumulation this week after experiencing eight consecutive days of outflows. These ETFs saw net positive inflows of $60 million on Wednesday, marking the fourth consecutive day of gains, as indicated by Farside Investors.

Ethereum ETF Flow in USD, million. Source: Farside Investors

Despite the positive inflows into Ethereum ETFs and the anticipated Ethereum Fusaka upgrade, the overall market response remains cautious. Iliya Kalchev, a dispatch analyst at the digital asset platform Nexo, noted, “The combination of steady inflows and rising derivatives activity suggests investors are selectively rebuilding their exposure rather than making aggressive shifts across the entire market.”

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