Ethereum Ico Whale Cashes Out $60m After 9,500x Gain As Top 1% Keep...

Despite the market downturn and some OG investors selling, the biggest 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.

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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.

Source: CoinTelegraph