Ethereum ICO Whale Sells $23M ETH Amid Market Dip, What Fuels the Sale?

Mar 27, 2026

< 1 min read

by Abdulkarim Abdulwahab

for CoinEdition

Ethereum ICO Whale Sells $23M ETH Amid Market Dip, What Fuels the Sale?

AI Overview

Early Ethereum ICO whale sold 11,552 ETH (~$23.4M) at an average price of ~$2,027 during a market dip, realizing gains from an original 38,800 ETH ICO holding bought for about $12,000. Wallet still holds nearly $50M (over $30M in stablecoins) and has redeployed >$9M USDC into Aave to earn yield — a risk-off crypto/DeFi move that reduces volatility exposure but creates short-term selling pressure on ETH.

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An early Ethereum ICO participant sold 11,552 ETH worth $23.4 million.
The wallet holds nearly $50M in crypto, of which more than $30M in stablecoins.
Over $9M in USDC deployed on Aave, earning yield while reducing price volatility exposure.

An early participant in the Ethereum ICO sold over $23 million worth of ETH in one hour. The transaction occurred during a market downturn. On-chain data shows the investor shifted funds into stablecoins and lending protocols rather than exiting completely.

Whale Realizes Gains After Years of Holding

Blockchain data shows that a long-term Ethereum holder sold 11,552 ETH at an average price of about $2,027. The wallet, identified as one of Ethereum’s earliest participants, originally acquired 38,800 ETH during the network’s initial coin offering for about $12,000.

This means the investor turned a relatively small early…

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