A true Ethereum Initial Coin Offering (ICO) participant generated a staggering 9,500-fold return on their investment, selling another $60 million worth of Ether on Wednesday. This investor originally purchased their 254,000 ETH tokens for about $0.31 each, spending a total of just $79,000 over 11 years ago.
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Following this latest sale, the investor’s wallet, 0x2Eb, is down to a much smaller holding of just $9.3 million in Ether. While some investors expressed concern that this massive profit-taking could signal trouble, blockchain analysis suggests the activity is part of a steady, planned exit strategy that has been ongoing since early September, rather than a sudden panic sell.
Top 1% Continue to Accumulate Ethereum
Despite the visible sales by some early-era investors, the top 1% richest Ether holders continue their steady, quiet accumulation of the world’s second-largest cryptocurrency. These large investors appear entirely unbothered by the current market downturn.
According to data from Glassnode, the supply of Ether held by these top 1% addresses has risen significantly to 97.6% as of Wednesday, marking a steady increase from 96.1% recorded just one year ago. This consolidation of supply reinforces the view that the most financially powerful holders maintain high long-term conviction in the asset.
Ether ETFs Restart Positive Inflows
After experiencing a tough streak of eight consecutive days of net outflows, U.S. spot Ether Exchange-Traded Funds (ETFs) have successfully restarted their accumulation phase this week. This shift suggests that institutional buyer sentiment is improving, despite the recent volatility.
These Ether ETFs recorded a positive net inflow of $60 million on Wednesday, marking the fourth consecutive day in the green, according to Farside Investors. Analysts note that this combination of steady inflows and rising derivatives activity suggests that large investors are rebuilding their exposure selectively, rather than aggressively selling off their holdings.
Investors Rebuild Exposure Selectively
The massive profit-taking by an original ICO participant has generated debate, with some X users expressing concern that this trend of “OGs selling their bags” may signal market downside. However, experts view the market reaction as “measured” despite the high-profile sale and upcoming technical upgrades like the Ethereum Fusaka upgrade.
Dispatch analyst Iliya Kalchev noted that the constructive ETF inflows, combined with derivatives activity, show that investors are not panicking. Instead, they are carefully increasing their exposure to ETH, indicating a selective and strategic approach to rebuilding positions in the current market environment.
The market is currently wrestling with conflicting signals: huge, publicized profit-taking by early investors versus the quiet, steady accumulation by the wealthiest whales and sustained inflows into new Ether ETFs. The continued accumulation by the top 1% of holders and the recent return of positive ETF flows strongly indicate that institutional confidence in Ether’s long-term value remains robust.
At the time of writing, Ethereum is sitting at $3,027.91.
