Early participants in the Ethereum ICO received $23 million worth of $ETH within an hour. The transaction took place during a market downturn. On-chain data shows that investors have moved their funds into stablecoins and lending protocols rather than exiting completely.
Whale realizes profits after many years of ownership
According to blockchain data, long-term Ethereum holders sold $11,552 $ETH The average price is approximately $2,027. Wallet identified as one of Ethereum’s early participants initially garnered 38,800 $ETH During the network’s initial coin offering, it sold for around $12,000.
This means investors have turned their relatively small initial bet into tens of millions of dollars. However, recent transactions represent only a portion of the total holdings.
Ethereum ICO participant (0xd64A) sold 11,552 $ETH($23.42M) $2,027 in the last hour.
This OG invested $12,000 in Ethereum ICO and bought 38,800 $ETH(currently $79.54 million) $0.31. https://t.co/DtIKN4mEpLhttps://t.co/jD80KlqcvB pic.twitter.com/I08Lce3VEq
— Lookonchain (@lookonchain) March 27, 2026
Portfolio data shows continued market exposure
There is still approximately $8,886 in the wallet, according to data from Arkham Intelligence. $ETHworth approximately $18 million. Additionally, this address controls over $30 million in stablecoins. $USDC and USDT.
This indicates that investors have not completely exited the market. Instead, the funds will remain within the crypto ecosystem, implying continued participation.
Moving to stablecoins and DeFi yields
A significant portion of the revenue is allocated to decentralized finance. According to the data, more than $9 million $USDC The money has been deposited into Aave.
By lending out stablecoins on such platforms, investors can earn yield while limiting their exposure to price fluctuations. The move reflects a strategy focused on preserving profits while keeping capital active.
Why sell now instead of at an all-time high?
The timing of the selloff is in question, especially since Ethereum is currently trading well below its previous peak.
Notably, Ethereum is trading at $2,061 at the time of writing, down 2.8% over the past day, bringing the weekly loss to 3.7%. At this price, Ethereum is trading 58.3% below its all-time high of $4,946 recorded in August 2025. Interestingly, this investor would have realized an extraordinary upside of $57 million had this sale taken place in August 2025. $ETH‘talk.
On-chain activity, on the other hand, suggests that investors did not try to time the exact high. Instead, it appears that the sale will be structured and assets will be converted in stages via a decentralized exchange.
The wallet’s transaction history shows activity dating back to Ethereum’s early days. This includes interactions related to the DAO hack period. This history confirms that this is not a new entrant, but a long-term holder that has weathered multiple market cycles.
Related: Ethereum price prediction: $ETH Foundation aims to donate $2,000 for 2029 quantum upgrade plan
