An Ethereum ICO participant who received 150,000 ETH at just $0.31 per coin during the 2015 Genesis block continues a relentless selling spree, offloading another 19,000 ETH worth approximately $47.54 million over a two-day period spanning October 1 through October 3, 2024. The sustained selling pressure compounds an already brutal week for the second-largest cryptocurrency, which has shed over 10% since the start of October.
TL;DR
- Ethereum ICO whale sells 19,000 ETH ($47.54M) between October 1-3, 2024
- Whale received 150,000 ETH at $0.31/coin in 2015 — original $46,500 investment now worth over $358M
- ETH price drops 10.4% from October 1 high of $2,655 to approximately $2,380
- Previous week saw the same whale dump 12,010 ETH worth $31.6M
- Institutional investors counter the trend, with spot ETH ETFs recording $14.45M in inflows
Whale Accelerates Ethereum Offloading
On-chain analytics platform Lookonchain tracks the whale’s activity in real time, revealing a methodical and accelerating pattern of selling. On October 1, the wallet dumps 4,000 ETH when Ethereum trades at $2,655. Hours later, another 5,000 ETH follows, valued at approximately $12.7 million. The selling continues into October 2 and 3, with the wallet unloading 6,000 ETH worth $14.7 million, followed by an additional 4,000 ETH as the price drops to $2,380.
The combined selling over two days totals 19,000 ETH, generating approximately $47.54 million in proceeds for the early investor. This latest wave of selling comes on the heels of a previous burst of activity last week, when the same wallet offloaded 12,010 ETH worth $31.6 million after lying dormant for over two years.
The whale’s original position traces back to Ethereum’s initial coin offering in 2015, when 150,000 ETH were acquired at a cost basis of $0.31 per coin. The total investment of $46,500 has appreciated to over $358 million at current prices — a return that dwarfs virtually any traditional investment vehicle in financial history.
Ethereum Price Crumbles Under Combined Pressure
The timing of the whale’s exit amplifies existing bearish forces weighing on Ethereum. The asset has declined 10.4% from its October 1 high of $2,655, trading at approximately $2,380 by October 3. The drop coincides with a broader market sell-off triggered by escalating Middle East tensions, which has already resulted in hundreds of millions of dollars in liquidations across the crypto derivatives market.
Ethereum’s price decline outpaces Bitcoin’s losses during the same period, suggesting that asset-specific factors — including the whale selling and broader FUD around the Ethereum ecosystem — are compounding the macro-driven downturn. The second-largest crypto by market cap now faces a critical test of support levels that, if broken, could open the door to further downside.
FUD Escalates Around The Ethereum Ecosystem
The whale’s relentless selling feeds into a growing narrative of discontent among some Ethereum community members and market observers. Crypto trader Bluntz Capital highlights the significance of the activity, noting that even day-zero Ethereum OGs are jumping ship — a signal that some interpret as a lack of confidence in the project’s near-term trajectory.
Adding to the unease, Ethereum co-founder Vitalik Buterin and the Ethereum Foundation have also sold considerable amounts of ETH recently, according to publicly available on-chain data. The confluence of insider-adjacent selling and ICO whale distribution creates a perception problem for the asset at a time when market sentiment is already fragile.
Social media channels amplify the frustration, with some community members directing criticism at Ethereum’s leadership. One user blames Buterin directly, stating the co-founder should focus on development work rather than selling holdings. The emotional tenor of the discourse reflects genuine anxiety among retail holders who see early participants and insiders reducing their exposure while smaller investors absorb the resulting price impact.
Institutional Buyers Step In On The Dip
Despite the wave of selling from early holders, institutional investors appear to be taking the opposite side of the trade. Data from Sosovalue reveals that spot Ethereum exchange-traded funds record inflows of $14.45 million during the same period, suggesting that traditional finance participants view the current price levels as an attractive entry point.
The divergence between ICO-era holders taking profits and institutional investors accumulating creates an interesting dynamic. On one hand, the distribution of ETH from early concentrated positions into the hands of a broader institutional base could be interpreted as a maturation of Ethereum’s holder base. On the other, the sheer volume of whale selling overwhelms institutional demand in the near term, contributing to downward price pressure.
The ETF inflows also signal that the infrastructure for institutional Ethereum investment is functioning as intended, even during periods of market stress. This represents a meaningful shift from previous bear markets, when no such regulated on-ramp existed for traditional investors seeking Ethereum exposure.
Why This Matters
The Ethereum ICO whale’s sustained selling spree illustrates the persistent overhang that early-stage distributions can create in cryptocurrency markets. With a cost basis of $0.31 per coin, the whale has virtually unlimited downside protection, making every sale profitable regardless of current market conditions. For current ETH holders, the key question is whether the whale’s remaining supply — still substantial after months of selling — will continue to pressure prices, or whether institutional demand through ETFs and other vehicles will eventually absorb the distribution. The tension between these two forces is likely to define Ethereum’s price action in the weeks ahead.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.
150k ETH from genesis and still selling these ICO whales have insane patience and zero sentiment
19k ETH in two days is massive selling pressure no wonder price tanked 10%
these ICO whales have been selling in tranches for years this is not new but the scale is concerning