A whale wallet believed to have participated in the ETH initial coin offering has begun liquidating ETH holdings after 8 years of dormancy. While the wallet has liquidated a substantial amount of its ETH holdings, the whale still holds a significant amount of $ETH .

Data from Ethereum blockchain explorer Etherscan indicates the wallet contains 37,069.8 ETH, equivalent to $112 million at today's prices.

ETH ICO Whale Liquidates $10.16 Million in ETH




Onchain Lens flagged a recent transaction where a whale liquidated 3,367.5 ETH worth approximately $10.16 million. Onchain Lens data shows that the wallet received 12,229 ETH from ShapeShift 8 years ago. The ETH was worth about $12.22 each, and the total transaction was valued at $149,000 at the time. The wallet remained dormant until the recent liquidation.

The SpaceShift issuing address was funded by an ETH ICO participant who received 32,000 ETH. 5,000 ETH of the funds received went to ShapeShift, the rest to Gatecoin and 0.95 ETH to Cumberland, OTC claims.

The liquidation is among the recent transactions witnessed across several portfolios that participated in the ETH ICO years ago. On October 24, another Ethereum ICO participant sold 3,000 Ether for approximately $7.64 million. This particular wallet had carried out another liquidation of 7,000 ETH worth $24.28 million on July 1st. 

ETH prices have dropped by around 15% following the sell-off. According to data from Lookonchain, the wallet received 245,908 ETH during the project’s ICO with an initial investment of $79,000, worth around $772 million at current prices. The wallet’s assets were worth $1.2 billion when ETH was at its all-time high price in 2021.

Although the wallet has liquidated a substantial amount of its ETH holdings, the whale still holds a significant amount. Data from Ethereum blockchain explorer Etherscan indicates that the wallet holds 37,069.8 ETH, equivalent to $112 million at today’s prices.

Ethereum exchange reserves continue to fall to record levels

The overall sentiment for Ethereum along with the broader market remains bullish. However, many have expressed concerns about the price of Ether following the recent sell-offs. User One X believes that the recent sell-offs could impact the asset’s price in the short term.

Some analysts have also suggested that $ETH may soon experience a supply squeeze. Data from CryptoQuant shows that Ethereum’s exchange reserves, or the total number of coins held by centralized exchanges, are hitting record lows. The declining exchange reserves imply that the asset is experiencing mild selling pressure.

Ethereum recently broke above its daily range, keeping the asset’s price between $2,160 and $2,761 since August. The crypto asset has surged 21% in the past seven days and 4.31% in the past 24 hours. The surge has taken its retail price to $3,032 at press time.

Ethereum's recent surge coincides with the broader crypto frenzy caused by the recently concluded US elections. Donald Trump has publicly endorsed the crypto industry on several occasions and promised the crypto community a cryptocurrency-friendly environment in the US. His victory sent Bitcoin soaring to a new all-time high of $77,232.


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