An early participant in Ethereum’s initial coin offering (ICO) has made headlines after offloading millions of dollars’ worth of Ether, marking another notable exit from a long-term holder.
According to on-chain analytics firm Lookonchain, the wallet, linked to Ethereum’s early fundraising days, moved 18,500 ETH, valued at approximately $38.1 million, to a secondary address.
Early investor locks in massive gains
From there, about 11,552 ETH, worth roughly $23.4 million, was gradually sold across multiple transactions at an average price of $2,027. The move shows a strategic profit-taking approach rather than a single bulk sell-off, suggesting the investor aimed to minimize market impact.
An Ethereum ICO participant (0xd64A) sold 11,552 $ETH($23.42M) at $2,027 in the past 1 hour.
This OG invested $12K in the Ethereum ICO to buy 38,800 $ETH($79.54M now) at $0.31.https://t.co/DtIKN4mEpLhttps://t.co/jD80KlqcvB pic.twitter.com/I08Lce3VEq
— Lookonchain (@lookonchain) March 27, 2026
The same wallet originally acquired 38,800 ETH for just $12,000 during Ethereum’s ICO roughly a decade ago, when tokens were priced at $0.31. At today’s prices, that original stash would be valued at close to $80 million, highlighting the immense gains realized by early adopters of the network.
Long-term holders begin to trim positions
This sale is not an isolated event. Earlier in the week, another ICO-era wallet transferred over 15,000 ETH, worth about $31 million, to Coinbase after holding the assets for nearly ten years, while still maintaining a sizable balance. Together, these movements point to a broader trend of early Ethereum investors gradually reducing their exposure after years of holding through multiple market cycles.
The timing also aligns with recent price movements. Ether has slipped around 2.6% in the past 24 hours, trading near $2,058, and remains significantly below its August 2025 peak of approximately $4,900. While such sell-offs can introduce short-term volatility, they also reflect a natural phase of market maturation as early participants realize long-awaited profits.
As more legacy wallets become active, the market may continue to see intermittent selling pressure, though it also signals enduring confidence from investors who held through Ethereum’s entire evolution.
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