Ethereum ICO whale sells $23 million worth of ETH, with a cost of only $0.31.

Gate News reports that on-chain data monitoring indicates that an investor who participated in the early Ethereum ICO has recently conducted a large-scale sell-off of their holdings, raising concerns in the market about the movements of long-term holders. According to Lookonchain, this address sold 11,552 Ethereum in multiple transactions on March 27, with an average transaction price of approximately $2,027, totaling around $23.4 million.

Data shows that the wallet initially transferred 18,500 Ethereum (approximately $38.1 million) to another address, and then completed the sale in batches. This address traces back to the ICO phase of Ethereum around 2015, when the investor purchased 38,800 Ethereum at about $0.31 each, with a total cost of only about $12,000. Based on current prices, the remaining assets are still valued at nearly $80 million, resulting in an astonishing return multiple.

This reduction in holdings is not an isolated event. On-chain activity indicates that several “old wallets” from the ICO period have recently begun to gradually realize profits. Earlier this week, another address sold approximately 15,002 Ethereum, worth about $31 million, after remaining dormant for ten years, while still retaining some positions. Such actions are often viewed as one of the signals that the market cycle is entering a realization phase.

In terms of price, Ethereum has recently faced pressure. As of now, its price is around $2,058, with a 24-hour decline of about 2.6%, having retraced more than 50% from its peak of approximately $4,900 in August 2025. Against the backdrop of tightening macro conditions and slowing on-chain demand, significant sell-offs further exacerbate short-term volatility expectations.

Structurally, the continued reduction of holdings by early investors, combined with changes in institutional capital flows, is reshaping the supply and demand relationship for Ethereum. The market is generally concerned about whether the release of these “low-cost chips” will exert downward pressure on mid-term prices or become a significant variable in the reconstruction of the next phase of the market. (The Block)