Ethereum ICO Participant Dumps 21,700 ETH Worth $38.9 million

Key highlights

• Ethereum ICO participant offloads 21.700 ETH worth $38.9 million

• Wallet linked to Jez sells1,002 $ETH worth $1.77 million

Ethereum ICO Participant Dumps ETH

Ethereum ICO Whale Awakens, Dumps Over $38M in ETH Since April

A long-dormant Ethereum whale has once again made headlines after offloading another 5,200 ETH, worth approximately $9.54 million, in the past day — marking a significant continuation of his selling spree that began on April 17 after years of silence.

As reported by OnChainLens an individual who participated in Ethereum’s initial coin offering (ICO) back in 2015, has now sold a total of 21,700 ETH, cashing out around $38.9 million at an average price of $1,792 per ETH.

Despite the selling spree, the wallet still holds 8,300 ETH valued at roughly $15.28 million at current market prices. When whales turn to aggressive selling, it reflects a lack of confidence with the market. Thus whales are exhibiting bearish sentiments. Large ETH sell-offs can put short-term downward pressure on Ethereum’s price.

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This whale hasn't slowed down. Six hours ago, they sold an additional 1,500 ETH, bringing in $1.76 million. Combined with earlier activity tracked since April 17, the wallet has now sold 16,500 ETH for $29.35 million at an average of $1,779 per ETH, indicating a consistent liquidation strategy.

However, it's important to note that wallets like these are often diversified across multiple addresses. The current known balance in this wallet is 13,500 ETH (~$24.82 million), hinting at deeper reserves or a structured sell-off plan.

Additionally, a separate wallet, reportedly linked to jez (@izebel_eth), also made waves by selling 1,002 ETH, worth about $1.77 million. Though smaller in size, the transaction caught attention due to the wallet’s visibility on X (formerly Twitter), and it adds to a broader pattern of ETH sales by long-time holders.

Market Impact and Sentiment

While Ethereum's price has remained relatively resilient amid the sales, such whale activity often sparks speculation about potential upcoming volatility. Traders are now watching for signs of: Still, some analysts argue that long-time holders cashing out — especially those who’ve held ETH since it was under $1 — is a natural and expected part of market cycles.

Ethereum ICO participants bought ETH at around $0.30 during the 2015 sale.

The reactivation of these "ancient wallets" is more than just a number on a blockchain. It's a reminder of how far Ethereum has come — and how some early believers are now choosing to take profits.

This profit taking behavior from large holders has negatively affected ETH price movement. Thus Ethereum has struggled to breakout of $2000 resistance and remains stuck around $1.8k. As long as whales continue selling ETH will continue to struggle.