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One of the early participants in Ethereum’s initial coin offering (ICO) has liquidated 11,552 ETH for over $23 million in just one hour, according to analysts at Lookonchain.
The analysts indicated that a long-term holder of Ether sold their coins at an average price of approximately $2027 each. The address belongs to one of the earliest investors in Ethereum, who acquired 38,800 ETH during the ICO for around $12,000.
As reported by Arkham Intelligence, the “Ethereum whale” still holds about 8,886 ETH (valued at $18 million). Additionally, the investor possesses over $30 million in stablecoins, including USDC and USDT.
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A significant portion of the proceeds has been converted into stablecoins and allocated to decentralized lending protocols. More than 9 million USDC was deposited into the DeFi protocol Aave. This move suggests that the large Ether holder aims to lend out stablecoins to earn interest, thereby mitigating risks associated with cryptocurrency volatility. This strategy enables the preservation of earned funds while continuing to utilize crypto assets for profit rather than merely holding them idle.
The transaction occurred during a market downturn. Currently, Ether is trading at $1978, having decreased by 4.8% over the past day. The price of Ether has fallen by 7.6% over the week. At this price point, Ether is trading 60% below its peak of $4953, which was recorded in August 2025. This “Ethereum whale” could have realized a profit of $57 million had they sold their ETH at the peak.
Regarding major Bitcoin holders, their activity has dropped to the lowest level since September 2023, as revealed by analysts at Santiment. The number of daily Bitcoin transactions exceeding $100,000 has decreased to 6,417.
