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.
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.
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
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.
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.
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.
