Ethereum ICO Whale Sells Off 21,700 ETH Post Dormancy, Nets $38.9M

An early Ethereum ICO participant who remained dormant recently captured media attention through major ETH sales. April 17, 2025, brought the dormant Ethereum address into operation as it withdrew 30,000 ETH worth $47.85 million from cold storage. The whale activation on April 17 signaled the start of an ongoing strategic unloading of assets extending through May.

The Ethereum ICO participant sold another 5,200 $ETH($9.54M) again in the past hour.

Since ending a long dormancy on April 17, he has sold 21,700 $ETH($38.9M) at an average price of $1,792 and still holds 8,300 $ETH($15.28M).https://t.co/5xFXdgM7V8 pic.twitter.com/UslRYsFq1R

— Lookonchain (@lookonchain) May 7, 2025

April 17: Dormant Wallet Awakens

On April 17, blockchain analytics firm Lookonchain discovered an Ethereum ICO whale movement of 30,000 ETH after a three-year period of inactivity. The address 0x9269…5ff executed three individual transactions that delivered 16,000 ETH, along with 8,000 ETH, and finally 6,000 ETH according to Etherscan records. The wallet also moved 3,000 ETH to the Kraken exchange after sending the rest of the funds (3,000 ETH) into the exchange.

Crypto enthusiasts became curious after discovering an ICO participant had obtained 76,000 ETH during the Ethereum crowd sale and paid only $23,560 for this purchase amounting to $0.31 per token.

May 4: Continuous Selling Pushes Total to 16,500 ETH

By May 4, Lookonchain observed the whale completed ETH sales of 16,500 units which generated overall earnings of $29.35 million at an average price value of $1,779 per ETH. The Ethereum market exhibited price motions from $1,816 to $1,845 according to CoinGecko data during that period. Recent price chart data included numerous red markers showing 3,000 ETH sell-offs during the transition from late April into early May that appeared to split large amounts into smaller manageable portions.

A total of 13,500 ETH remained in the wallet which’s current value exceeded $24.8 million at that period.

May 7: More ETH Offloaded, Holdings Shrink Further

As of 7th May, this Ethereum ICO participant moved another 5,200 ETH through two separate transfers totaling 2,700 ETH and 2,500 ETH to Kraken, according to verified on-chain data. The ETH sales since April 17 reached 21,700 units worth $38.9 million through the latest deals.

On May 7, the whale’s ETH assets constituted 8,300 ETH, which held a current value of $15.28 million using ETH’s prevailing market price.

Implications for the Ethereum Market

The significant selling activity failed to move Ethereum’s market value because it stayed consistent. The distributed manner in which the Ethereum ICO whale executed their sales demonstrates a deliberate method to avoid short-term market impact and prevent chaotic price declines. The strategic approach, together with a positive market outlook, acted as a buffer to absorb selling pressure.

This case illustrates the massive profits early Ethereum ICO adopters obtained through their $121 million Ethereum investment, which began with only $24,000 when ETH was bought.