Ethereum ICO Whale Liquidates 3,367.5 ETH Amid Price Boom

An Ethereum (ETH) initial coin offering whale has started selling their holdings after being inactive for almost eight years. Recent data shows this investor sold 3,367.5 ETH, earning about $10.16 million at an ETH price of $3,018. This sale mark a strategic move as Ethereum’s price climbed above $3,000.

ETH Whale Take Advantage of ETH Price Surge

Eight years ago, this investor received 12,229 ETH, worth about $149,000, with an average purchase price of $12.22 per ETH. The tokens were acquired from ShapeShift. However, a few hours ago, the whale transferred its ETH balance to a new wallet. This action shows that the whale plans to sell some of its holdings, likely to take advantage of Ethereum’s high prices. After selling 3,367.5 ETH, the whale still has 8,862 ETH left, worth about $27 million.

Undoubtedly, early Ethereum investors, often called “whales,” are selling their holdings as cryptocurrency prices rise. This trend is common in the crypto market. Long-term investors usually sell when the price reaches significant highs to make the most profit from their original low-cost investments.

It is still being determined if the Whale will sell more of its holdings. However, the recent sale shows how large, inactive wallets can impact Ethereum’s price, especially during key market events.

Ethereum Whale Prediction: ETH price Target Set at $3,500

A leading Ethereum whale sent shockwaves through the market in May. This whale set a bullish $3,500 price target for Ethereum. The ETH whale made significant acquisitions of tokens from two other projects, AlgoTech (ALGT) and Cosmos (ATOM). These moves suggest a belief in the future of Ethereum and the explosive potential of these two less-known players.

Intriguingly, this bullish prediction has revitalized many ETH holders and spurred renowned interest in the cryptocurrency. If Ethereum follows its 2023 trajectory, analysts predict a potential price range of $6,000 to $6,500 by Q1 2025. The recent alignment of bullish indicators and renewed institutional confidence set Ethereum on a promising path.

Community Concerns Over Ethereum Sales

The Ethereum Foundation (EF) reported $970.2 million in total assets as of October 31, 2024. According to the report, the foundation holds $788.7 million in cryptocurrencies, with 99.45% of this sum in ether. This sizable ETH holding represents 0.26% of the total supply. Beyond cryptocurrency assets, EF’s treasury includes $181.5 million in non-crypto investments, balancing the foundation’s asset allocation.

The foundation’s treasury disclosure came after community members raised concerns about large transactions and unexpected ETH sales without notice. This, however, led to demands for increased transparency. Likewise, EF’s report emphasized that its ETH sales are essential to fund the foundation’s mission and ensure its capacity to support Ethereum’s growth.