Ethereum ICO Whales Sell, 98% of ETH in Profit

Key Notes

• The Ethereum ICO whale has minted an overall profit of about $366.8 million, generating a total of 11,835x returns.
• Glassnode data shows that 98% of ETH supply is currently in profit, its highest level in two years, raising the likelihood of profit-taking.
• Analysts warn that current levels are not ideal for entry and suggested a correction to $4,200 or $3,800.

Ethereum

ETH $4 620

24h volatility: 0.5%

Market cap: $557.29 B

Vol. 24h: $66.57 B

ICO-era whales are cashing in as the price struggles to break its all-time high of $4,891.

On-chain data shows that 98% of Ethereum is currently in profit, raising the likelihood of profit-taking. The price has pulled back 1% in the last 24 hours and is now finding support around $4,600.

Ethereum ICO Whale Cashes Out Big, Secures $366M Profit

An early Ethereum initial coin offering (ICO) participant has realized significant gains after offloading a portion of their holdings.

The investor, who originally purchased 100,000 ETH for $31,000 during the ICO, recently sold 4,283 ETH for approximately $18.97 million.

Since 2021, the wallet has sold a total of 44,284 ETH, generating around $105 million at an average price of $2,378 per token. Despite these sales, the address still holds 55,716 ETH, currently valued at about $261.6 million.

Related article: This Whale Makes $250M Profit in 3 Months, Now Selling ETHOverall, the investor’s total profit from these transactions stands at $366.8 million, marking an extraordinary 11,835x return on the initial investment, reported LookonChain.

98% ETH Supply Is Currently in Profit

Amid the massive 60% ETH price rally over the past month, the cryptocurrency’s market cap climbed above $500 billion, while overtaking giants like Netflix.

Following the recent rally, about 98% of ETH holders are in profit, which further raises the chances of profit-taking.

On-chain analytics firm Glassnode reported that Ethereum’s “Percent Supply in Profit” metric exceeded 98% on Thursday, marking its highest level in two years.

The indicator tracks the proportion of ETH coins currently valued above their last on-chain transaction price. Coins are considered “in profit” when the market price is higher than their previous transaction price and “in loss” when it is lower.

Ethereum’s “Percent Supply in Profit” hits 98%, the highest in two years. | Source: Glassnode

Historically, levels above 95% indicate an overheated market nearing a local peak, as the majority of investors sit on unrealized gains. This increases the likelihood of profit-taking.

So far, ETH treasury firms like Bitmine Technologies have supported the upside rally amid heavy accumulation over the past two months. The coming weeks will reveal whether whales are using this demand as an opportunity to exit their positions.

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