Ethereum Whale Offloads 19,000 ETH Worth $47M Amid Market FUD

A participant from the Ethereum ICO has liquidated another 19,000 ETH within the last two days. This newly sold amount is approximately valued at $47.54 million based on the current market price.

This participant originally acquired 150,000 ETH during the ICO at an initial investment of only $46.5K.

Inactive Ethereum ICO Participant Returns

As highlighted by the blockchain analytics platform Lookonchain, this recent sale follows a previous deposit of 12,010 ETH, worth around $31.6 million, to the cryptocurrency exchange Kraken in the last week of September, after remaining inactive for over two years.

Prior to these major transactions, the investor’s total ETH holding was valued at over $358 million at the current rates.

The Ethereum ICO ran from July to September 2014, raising a total of $18 million. When Ethereum launched in July 2015, early participants were allocated 80% of the tokens, while the remainder went to the Ethereum Foundation and initial team members.

Recently, an Ethereum address emerged from nine years of inactivity by depositing 5 ETH into Kraken. Additionally, another long-inactive ICO participant transferred over $9 million in ETH to the same platform earlier this year.

It’s worth noting that such transfers are quite uncommon. Nevertheless, the recent transaction coincides with increasing fear, uncertainty, and doubt (FUD) in the market, as Ether prices have taken a significant hit.

The largest altcoin by market capitalization has seen a nearly 10% decline over the past week, trading below $2,400. This downturn has reignited criticism of Ethereum, which has struggled this year. Market analysts express concerns over its price path, with crypto trader “Bluntz” commenting on X,

“yikes, even day 0 eth OG’s are jumping ship.”

In contrast, Ethereum supporter Anthony Sassano stated that the FUD is “never-ending,” expressing his exasperation and emphasizing that “most people in this industry don’t actually care about the truth.”

“It’s all so incredibly tiring.”

Ethereum ETFs Experience Inflows

There appears to be a renewed interest in Ethereum from institutional investors, as the nine spot Ether ETFs recorded $14.45 million in inflows on October 2, according to data from SoSoValue data.

Leading the pack was BlackRock’s ETHA with $18.04 million in inflows, followed by Franklin Templeton’s EZET, which garnered $1.81 million.