On-chain data shows that an early investor who participated in the Ethereum Initial Coin Offering (ICO) reemerged today (27th) and sold over $23 million worth of Ether, becoming a representation of the latest wave of long-term holders realizing profits.
According to Lookonchain tracking, the wallet identified as an Ethereum ICO participant, "0xd64A…7ED7", earlier today transferred 18,500 Ether (approximately $38.1 million) to another address, which subsequently sold 11,552 Ether through multiple transactions at an average price of about $2,027, totaling around $23.4 million in cashing out.
On-chain data shows that this whale acquired 38,800 Ether during the Ethereum ICO in 2014, when the average price was around $0.31, equating to an initial investment of about $12,000. However, today, the value of this Ether has surged to $80 million.
Recently, it has been frequently observed that long-term holders of Ethereum are cashing out. Earlier this week, another wallet from the ICO era sold about 15,002 Ether (approximately $31 million) and transferred the funds to Coinbase, where it still holds a significant balance.
According to CoinGecko market data, Ethereum dropped 3.6% today to $2,043, which is more than 58% down from the historical high of $4,946 set last August.
"Ethereum sees 'ICO old whale' cashing out, selling coins for $23 million" this article was first published on (Block客).