On-chain data: Ethereum ICO whale sold 2,300 ETH, worth 9.9 million USD!

On-chain data shows that an early Ethereum (ETH) ICO participant transferred 2,300 ETH to a CEX on Monday morning, worth approximately $9.9 million. This whale initially acquired 20,000 ETH at a cost of only $6,200, and now their holdings are valued at $86 million. Despite the dumping behavior, market sentiment for ETH remains bullish, with analysts even predicting that ETH may challenge the $5,000 mark.

on-chain data reveals ICO Whale movement

(Source: Arkham)

According to Lookonchain data:

· Address "0x845…a210c" transferred 2,300 ETH to Kraken early Monday morning.

· The address currently holds 1,623 ETH

Historical actions include:

· Transfer 1,000 ETH in February 2024

· Transfer 3,000 ETH in November 2023

· Recently transferred out 250 ETH

Cost and Revenue Comparison:

Cost price: During the ICO, it only cost 6,200 USD to acquire 20,000 ETH (unit price approximately 0.31 USD)

Current price value: 20,000 ETH, calculated at approximately $4,300, total value is about $86 million.

Return on Investment: Over 12,000 times

ETH price trend and market sentiment

According to data from The Block, ETH has increased by 1.64% in the past 24 hours, with the current price breaking through 4,300 USD, reaching a new high since December 2021.

Key resistance levels: $4,500, $4,800 (historical high range)

Short-term target price: $4,900 to $5,000

Technical Analysis: After breaking through resistance at $4,000 and $4,100, bullish momentum continues to strengthen.

Analysts point out that since ETH hit a low of $1,700 in the first quarter of 2025, institutional investors and Whales have continued to increase their holdings and have added to their purchases during market corrections, indicating a high level of confidence in the long-term value of ETH.

Institutions and new Whales continue to accumulate ETH

Recent on-chain observations show:

A mysterious organization today increased its holdings by 49,533 ETH (worth 212 million USD).

· Over the past week, the institution increased its holdings by 221,166 ETH (worth $946.6 million)

· Legendary trader Arthur Hayes has bought in the past 19 hours: 1,500 ETH (worth 6.35 million dollars), 24,863 LDO (worth 556,600 dollars), and 420,000 ETHFI (worth 516,600 dollars).

These data show that even with early investors selling, the overall capital flow in the market still leans towards long positions.

ETH Long-term Value and Outlook

Fundamental support: The Ethereum ecosystem continues to expand, with DeFi, NFTs, L2 solutions, and increased institutional adoption.

Market expectations: If it breaks through the $4,500 resistance, ETH is expected to quickly test the historical high of $4,800 and move towards $5,000.

Risk factors: macroeconomic fluctuations, changes in regulatory policies, significant selling pressure

Conclusion

Although this Ethereum ICO Whale sold nearly 10 million dollars worth of ETH, the market's confidence in ETH remains strong according to on-chain data and institutional fund flows. As the price breaks through 4,300 dollars, long positions are targeting key levels of 4,500 dollars and 5,000 dollars. For investors, short-term fluctuations may just be a minor episode on the road to long-term gains.