An early Ethereum (ETH) ICO (Initial Coin Offering) participant had purchased 17600 ETH during Genesis for around $5459. The value of the 17600 ETH is worth more than $55 million today. The investment has grown by 149X. The investor has sold $50.11 million worth of ETH since April 2021. The investor’s wallet still holds $5.85 million worth of ETH.

Why is The Investor Selling?

The ETH ICO participant may have been booking profits over the last few years. Turning $5k into more than $55 million is no ordinary feeling. The investor may have thought to liquidate their holdings and live the dream life. In all honesty, what is the point of having all that money if you don’t live a little?

It is also possible that the ETH ICP investor has diversified their portfolio. They may have purchased other assets after selling more than $50 million worth of Ethereum (ETH).

Ethereum Continues To Slump

ETH has struggled to generate momentum over the last few months. The asset last traded above the $3000 mark in early February of this year. ETH currently faces substantial resistance at the $2500 level.

Also Read: Will Ethereum Reclaim $3000 in July 2025?

ETH’s price has dipped 0.5% in the last 24 hours, 3.6% in the 14-day charts, 1.8% over the previous month, and 29.1% since July 2024. The second-largest cryptocurrency by market cap has maintained a 0.5% gain over the last week.

ETH has seen consistent institutional inflows for its spot ETF. The inflows have not been enough to propel the asset’s price north of $2500. Bitcoin (BTC) has also seen weeks of consecutive institutional inflows. BTC, on the other hand, has been more successful with a price rally.

The crypto market seems to be consolidating at the moment. BTC is facing resistance at $108,000. BTC’s consolidation may have caused the market to slow down.