Ethereum ICO whale cashes out $60M after 9,500x gain as top 1% keep buying ETH
Analysis
Price Impact
MedA significant eth ico whale cashed out $60m, representing a large profit-taking event. however, this is counterbalanced by continuous accumulation from the top 1% of ether holders and renewed positive inflows into spot ether etfs, suggesting strong underlying demand despite the selling pressure.
Trustworthiness
HighThe article cites reputable on-chain analytics platforms like lookonchain, nansen, glassnode, and farside investors for data on whale activity, supply distribution, and etf flows. cointelegraph is a well-known crypto news source.
Price Direction
NeutralWhile the $60m whale sale could exert downward pressure, the ongoing accumulation by the wealthiest eth holders and positive etf inflows indicate strong buying interest that is likely to absorb this supply. the selling appears to be strategic profit-taking rather than panic, creating a balanced market sentiment. the upcoming 'fusaka upgrade' is also mentioned as a potential positive catalyst.
Time Effect
ShortThe immediate impact of the whale selling is short-term absorption by the market. however, the continuous accumulation by top holders and etf inflows suggest a longer-term positive sentiment that could mitigate prolonged bearish effects.
Original Article:
Article Content:
Zoltan Vardai 4 minutes ago Ethereum ICO whale cashes out $60M after 9,500x gain as top 1% keep buying ETH Despite the market downturn and some OG investors selling, the largest Ether whales continue their steady accumulation, while Ether ETF buyer sentiment continues to improve. Listen 0:00 42 News COINTELEGRAPH IN YOUR SOCIAL FEED While some Ethereum OGs are cashing out, the top 1% richest Ether holders continue to quietly accumulate the world’s second-largest cryptocurrency, despite the market downturn. An Ethereum initial coin offering (ICO) participant sold another $60 million in Ether ( ETH ) on Wednesday after generating a 9,500-fold return on investment over the past 11 years. During the ICO, the investor purchased their Ether for about $0.31 per token, spending a total of $79,000 on 254,000 Ether tokens, now worth over $757 million, according to blockchain data platform Lookonchain. Following the latest sale, the ICO participant’s wallet “0x2Eb” was down to just $9.3 million in Ether, according to crypto intelligence platform Nansen. Ethereum ICO participant wallet “0x2Eb,” token holdings, 1-year chart.Source: Nansen While some crypto investors praised the long-time holder’s patience, others took the profit-taking as a concerning sign that may precede further downside in the crypto market. “This trend of OGs selling their bags is concerning,” replied X user Raye on Wednesday. Despite the concerns, the whale’s activity doesn’t indicate sudden panic selling, but rather a steady profit-taking strategy, as the wallet has been offloading its holdings since the beginning of September. Related: Cathie Wood says ARK’s $1.5M Bitcoin bull price hasn’t changed as markets eye rally Top 1% of Ether holders continue accumulation, unbothered by crypto market downturn Despite the market downturn, the top 1% richest Ether holders are quietly continuing their steady accumulation. The supply of Ether held by the top 1% addresses rose to 97.6% on Wednesday, up from 96.1% a year ago, according to blockchain data platform Glassnode . ETH: Percent of Supply Held by Top 1% Addresses, 1-year chart. Source: Glassnode Related: Over 8% of Bitcoin changed hands in week, markets on ‘knife’s edge,’ Analysts say US spot Ether exchange-traded funds (ETFs) have also restarted their accumulation this week, recovering after eight consecutive days of net outflows. The Ether ETFs recorded $60 million worth of net positive inflows on Wednesday, marking the fourth consecutive day in the green, according to Farside Investors. Ethereum ETF Flow in USD, million. Source: Farside Investors Despite the “constructive” Ether ETF inflows and upcoming Ethereum Fusaka upgrade , the market’s reaction remains “measured,” according to Iliya Kalchev, dispatch analyst at digital asset platform Nexo. “The combination of steady inflows and rising derivatives activity suggests investors are rebuilding exposure selectively rather than rotating aggressively across the complex,” the analyst told Cointelegraph. Magazine: Sharplink exec shocked by level of BTC and ETH ETF hodling — Joseph Chalom # Cryptocurrencies # Ethereum # Investments # Adoption # ICO # DeFi # Trading # Ethereum 2.0 # Web3 # Cryptocurrency Investment # Ethereum Price # Whale # Ethereum ETF # Nansen Add reaction