Ethereum News: Ethereum ICO Whale Cashes Out $60M After 9,500x Gain — But Top 1% Keep Accumulating ETH

An early Ethereum investor has taken another significant profit after selling $60 million worth of Ether (ETH), even as the largest holders continue to steadily accumulate the asset during the ongoing market downturn.Blockchain data shows that an original Ethereum ICO participant offloaded a new tranche of ETH on Wednesday, extending a methodical profit-taking pattern that began in early September. But despite the high-profile sale, onchain data indicates that the richest 1% of Ether holders are buying aggressively, signaling that long-term conviction among whales remains intact.ICO Whale Realizes 9,500x Return After Eleven YearsAccording to Lookonchain data, the early Ethereum backer purchased 254,000 ETH during the 2014 ICO for roughly $79,000 — averaging about $0.31 per token. Those holdings are now valued at more than $757 million.The wallet, labeled 0x2Eb, has been gradually reducing its position for months. Following Wednesday’s $60 million sale, the wallet holds about $9.3 million in ETH, according to Nansen.While some traders interpreted the sale as a possible warning sign for further downside, the transaction fits a long-term, incremental de-risking strategy rather than panic selling.Top 1% Ether Holders Increase AccumulationEven as select early investors take profits, the largest Ether holders continue to add aggressively.Glassnode data shows that the top 1% of ETH addresses now hold 97.6% of supply, up from 96.1% one year ago. The chart indicates consistent steady accumulation throughout 2024 and 2025 despite market volatility.This trend has reinforced the view that institutional players and high-net-worth investors are positioning for a longer-term recovery in Ethereum, not exiting the ecosystem.ETH ETFs Return to Net Inflows After Eight Days of OutflowsUS spot Ether ETFs are also showing renewed strength.After eight consecutive days of net outflows, ETH ETFs logged four straight days of net inflows, including $60 million on Wednesday, according to data from Farside Investors.ETF flows have become a critical sentiment gauge for institutional demand. The return to positive inflows suggests that professional allocators are gradually rebuilding market exposure.Why the Market Reaction Remains MeasuredDespite the positive ETF flows and whale accumulation, analysts say investor sentiment has been cautious.Iliya Kalchev, dispatch analyst at digital asset platform Nexo, described the reaction as “measured,” noting that derivatives activity shows a selective rebuilding of exposure rather than broad rotation into Ethereum.“The combination of steady inflows and rising derivatives activity suggests investors are rebuilding exposure selectively rather than rotating aggressively across the complex,” Kalchev told Cointelegraph.Uncertainty surrounding the macroeconomic outlook and reduced onchain activity following the October flash crash have contributed to a slower ETH recovery.