Ethereum ICO Whale Awakens! After 8 years of silence, suddenly dumps, transferring 6 million dollars attracts attention.

An early Ethereum investor has resurfaced after nearly eight years of silence, transferring approximately $6 million worth of 1,500 ETH to a crypto exchange. This investor participated in Ethereum's initial coin offering (ICO) in 2014, obtaining 20,000 ETH at a price of $6,200 through the wallet address '0x369…CD82', achieving a return on investment of about 13,000 times.

After 8 years of silence, the transfer of 6 million dollars has attracted market attention

(Source: Etherscan)

According to Lookonchain data, this investor participated in the Ethereum ICO in 2014 and acquired 20,000 Ether (ETH) at a price of $6,200 through their wallet address “0x369…CD82” during the genesis token issuance conference in 2015. The Ethereum ICO in 2014 sold over 60 million ETH, with an average sale price of $0.31 per ETH, raising approximately $18.3 million. This ICO is one of the most successful crowdfunding events in cryptocurrency history, providing initial funding for the development and ecosystem building of Ethereum.

This investor purchased 20,000 ETH for $6,200, meaning the average cost is about $0.31 per ETH. Based on the current Ethereum price of approximately $4,033, the value of this investment has reached about $80.66 million, with a Return on Investment of around 13,000 times. This astonishing return rate is a typical characteristic of early cryptocurrency investors and is also the reason why the wallet movements of ICO participants attract significant market attention.

The wallet address “0x60D…E932” transferred a total of 1,500 ETH to a CEX in two transactions early Wednesday morning. The last record of ETH being sent from this address was in January 2018. This indicates that this wallet has had virtually no activity for nearly eight years, with the holder choosing to hold long-term rather than trading frequently during bull and bear cycles. January 2018 was at the peak of the 2017 bull market, when the price of Ethereum reached around $1,400. Since then, it has gone through the bear market of 2018-2019, the bull market of 2020-2021, and the bear market of 2022-2023, until it approaches historical highs again in 2025.

Transferring to CEX usually means that holders are ready to sell, as exchanges are the most common way to cash out cryptocurrency. 1,500 ETH is worth about 6 million USD, which, although not a huge amount in the overall market, often serves as a barometer of market sentiment when early investors choose to sell. Early investors typically have a deep understanding of the project, and their selling decisions may be based on their assessment of the current valuation or concerns about future prospects.

The Investment Journey of This Whale:

2014 ICO: Purchased 20,000 ETH for $6,200 (cost approximately $0.31/coin)

January 2018: Last event record (Ethereum price approximately $1,400)

October 2025: Transfer 1,500 ETH to CEX (worth approximately 6 million USD, price around 4,000 USD/coin)

Remaining Position: Approximately 18,500 ETH (worth about 74.6 million USD)

Return on Investment: approximately 13,000 times

$6,200 turns into $80.66 million in astonishing return

This investor purchased 20,000 ETH for $6,200, which is currently valued at approximately $8.066 million. Even after deducting the 1,500 ETH that have been transferred, the remaining 18,500 ETH is still worth about $7.46 million. This kind of Return on Investment is nearly impossible to achieve in traditional financial markets, but it is not uncommon in early cryptocurrency investments. Investors who participated in the Ethereum ICO in 2014, if they held on to their investments until now, have received returns in the thousands or even tens of thousands of times.

However, behind this kind of return also hides extremely high risks and tests of patience. When purchasing Ether in 2014, the project was merely a white paper concept, with uncertainties surrounding the feasibility of the technology, the establishment of the ecosystem, and market acceptance. Many early investors chose to exit shortly after the project launched, with only a very small number able to hold on for years. This investor did not cash out completely at the peak of the 2018 bull market and did not panic sell at the trough of the 2022 bear market, demonstrating a firm belief in the long-term value of Ethereum.

From a tax perspective, this long-term holding strategy has advantages in many jurisdictions. In countries like the United States, holding cryptocurrency for more than a year enjoys favorable long-term capital gains tax rates, which are much lower than the rates for short-term trading. This investor has held for over ten years, which might provide significant advantages in tax planning. However, an investment of 8 million dollars turning into 80.66 million dollars would still require the payment of a considerable amount of taxes, even when calculated at the long-term capital gains tax rate.

This time, only 1,500 ETH (accounting for 7.5% of the total holdings) was transferred instead of cashing out all, indicating that the holder may adopt a strategy of phased shipments. This strategy allows for partial profit realization while retaining exposure to potential future increases in Ethereum. If the price of Ethereum continues to rise, the remaining 18,500 ETH will bring more gains; if the price falls, at least part of the profit has already been secured. This is a typical operational approach of mature investors.

Multiple ICO whales have recently awakened

With cryptocurrency reaching new highs this year, some Ethereum ICO whales have reappeared recently. In August, an Ethereum ICO participant transferred approximately $19 million worth of ETH to a CEX, and then sold 1,060 ETH in the following days. Another Ethereum ICO Address also sent 2,300 ETH to a CEX in August. Last month, reports indicated that an ICO participant transferred 150,000 ETH to a staking address through three wallets.

The phenomenon of ICO whales collectively awakening is worth in-depth analysis. First, it reflects the early investors' judgment of the current price level. When multiple independent early holders choose to cash out or transfer assets at roughly the same time, it may indicate that they believe the current price has reached or is close to a reasonable valuation. These investors typically have a deeper understanding of Ethereum than ordinary investors, and their behavior may provide important market signals.

Secondly, this collective awakening may be related to tax planning or personal financial needs. After years of holding, early investors may need to realize some profits to meet personal or family financial requirements. Furthermore, as the regulatory environment for cryptocurrencies matures, many investors may choose to make asset allocation adjustments in a clearer regulatory framework.

Thirdly, some whales have chosen to transfer ETH to staking addresses instead of exchanges, indicating that not all early investors are cashing out. The case of 150,000 ETH being transferred to staking addresses shows that the holder still has confidence in Ethereum's long-term prospects, opting to earn additional returns through staking. This behavior stands in stark contrast to transferring to exchanges in preparation for selling.

From the market impact perspective, the awakening of these ICO whales may indeed create short-term pressure on the price of Ethereum. Although a single sale of 6 million or 19 million dollars accounts for a small portion of the daily trading volume of billions of dollars in Ethereum, the collective action of multiple whales may have a psychological effect, triggering profit-taking by other investors. Furthermore, the market is aware that there are more ICO participants holding large amounts of ETH that have not yet moved, and the shadow of this potential selling pressure may suppress price increases.

Current Ethereum Price and Technical Outlook

According to The Block's price page, as of 2:15 AM Eastern Time on Wednesday, Ethereum has fallen 1.1% in the past 24 hours to $4,033. Over the past three months, Ether has risen 4%, and over the past year, it has increased by 52.7%. This relatively moderate increase pales in comparison to the performance of Bitcoin and certain altcoins, reflecting the challenges Ethereum faces in the current cycle.

On the technical side, Ethereum fell below $4,000 after encountering resistance at the daily resistance level of $4,232. This resistance level coincides with the 78.6% Fibonacci retracement at $4,193 and the 50-day moving average at $4,115, forming a triple resistance zone. The sell-off by ICO whales may have increased the difficulty of breaking through this resistance band, as it added additional supply pressure to the market.

However, from a long-term perspective, the sell-off by early investors is not entirely negative. It represents the transfer of chips from early holders to new investors, and this process of turnover is a normal phenomenon in a healthy market. When the extremely low-cost chips held by early investors are cleared out, the average holding cost in the market will rise, which actually strengthens future support. New investors entering the market buy at higher prices, and their holding cost becomes the new support level.

Moreover, the awakening of ICO participants can also be seen as a sign of market maturity. When a project has developed for ten years and early investors begin to realize returns, it signifies that the project has transitioned from the experimental stage to the mature stage. Ethereum has evolved from a proof of concept in 2015 to the infrastructure that supports hundreds of billions of dollars in DeFi ecosystems and tokenized securities today, and this transformation itself proves its long-term value. The profit-taking of early investors should not be interpreted as a loss of confidence in the project, but rather as a reasonable harvest from a decade-long investment journey.