While some Ethereum OGs are cashing out, the top 1% richest Ether holders continue to quietly accumulate the worldโs 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.ย
Following the latest sale, the ICO participantโs 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 holderโs patience, others took the profit-taking as a concerning sign that may precede further downside in the crypto market.
โThis trend of OGs selling their bags is concerning,โ replied X user Raye on Wednesday.
Despite the concerns, the whaleโs activity doesnโt 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 ARKโs $1.5M Bitcoin bull price hasnโt changed as markets eye rally
Top 1% of Ether holders continue accumulation, unbothered by crypto market downturn
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 โknifeโs edge,โ 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 a fourth consecutive day in the green, according to Farside Investors.
Despite the โconstructiveโ Ether ETF inflows and forthcoming Ethereum Fusaka upgrade, the marketโs reaction remains โmeasured,โ according to Iliya Kalchev, dispatch analyst at digital asset platform Nexo.
โThe combination of steady inflows and rising derivatives activity suggests investors are rebuilding exposure selectively rather than rotating aggressively across the complex,โ the analyst told Cointelegraph.
Magazine: Sharplink exec shocked by level of BTC and ETH ETF hodling โ Joseph Chalom
