Ethereum Whale Flips $60M for 9,000x Gains—Top 1% Now Buying ETH

Ethereum Whales Maintain Steady Accumulation Amid Market Decline

Despite a recent market downturn, the largest Ethereum holders continue to accumulate the cryptocurrency, signaling confidence among the most affluent investors. Notably, a long-term participant from the Ethereum ICO cycle recently realized a significant profit while maintaining a bullish stance on the asset’s potential.

In a noteworthy transaction, an ICO participant sold approximately $60 million worth of Ether after holding the tokens since the early days of the network. Originally purchased at around $0.31 per token—totaling $79,000 for 254,000 ETH—the holdings are now valued at over $757 million, reflecting a 9,500-fold return. According to blockchain analysis from Lookonchain, the seller’s wallet, which was once laden with over 250,000 Ether, has been gradually reducing its holdings since September, now holding roughly $9.3 million worth of ETH.

Ethereum ICO participant wallet 0x2Eb, token holdings, one-year chart. Source: Nansen

While some market participants praise the patience of early investors, others see the recent profit-taking as a potential sign of upcoming volatility. Responding to the news, social media commentator Raye expressed concern over the trend, stating, “This trend of OGs selling their bags is concerning.” However, the activity appears to be a strategic move rather than panic selling, with the wallet’s offloading pattern indicative of steady profit realization rather than desperation.

Top Ether Holders Continue to Accumulate Despite Sluggish Market

Analyzing on-chain data, the share of Ether held by the top 1% of addresses has increased to 97.6% as of Wednesday, up from 96.1% a year prior, according to blockchain analytics platform Glassnode. This growing concentration suggests that major whales remain unfazed by the broader market downturn, continuing to amass ETH quietly.

Meanwhile, U.S.-based spot Ether ETFs have resumed their accumulation phase after eight consecutive days of net outflows, recording approximately $60 million in inflows on Wednesday. This marked a fourth consecutive day of positive inflows, as reported by Farside Investors. Despite optimistic signals from these inflows and upcoming network upgrades like the Ethereum Fusaka upgrade, market sentiment remains cautious. Analyst Iliya Kalchev from Nexo noted that the steady inflows and increased derivatives activity point to investors rebuilding exposure selectively rather than engaging in aggressive rotations across the crypto space.

This article was originally published as Ethereum Whale Flips $60M for 9,000x Gains—Top 1% Now Buying ETH on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.