Airdrop Army

Another massive Ether dump hit the blockchain waters, but this time the market barely blinked. A whale who participated in Ethereum’s 2015 ICO just offloaded another 3,000 ETH, cashing in $7.6 million on October 24, per blockchain analytics outfit Lookonchain. This whale’s moves are under the microscope, given their history of shaking the markets with major ETH sales. But while July’s 7,000 ETH drop triggered a 15% price plunge, this latest sale? A mere 2.4% dip.

But it’s not just about this recent drop. This whale’s address still holds a significant 37,070 ETH, worth close to $94 million. And that’s after already selling 10,000 ETH in the past few months. When you’re sitting on a stack that big, moves like this get noticed. Yet, the market’s reaction this time around is more of a shrug than a panic.

ICO Millionaires Cashing Out

For context, this isn’t some casual investor making a few trades on the side. This whale is a relic from the 2014 Ethereum ICO, where ETH was sold for the bargain price of around $0.3 per token. Back then, you could scoop up 2,000 ETH with a single Bitcoin. The ICO sold 60 million ETH, raising about 31,000 BTC, roughly $18 million at the time. Fast forward, and these early investors are sitting on mountains of ETH, making moves like this worth millions.

This latest transaction represents just 4% of the whale’s initial 254,908 ETH haul, highlighting that they’ve got plenty more in reserve. Many of these ICO whales have been slowly cashing out as ETH prices surged over the years, but they’re also playing a careful game. Big sales can trigger sell-offs, but this whale seems to be walking the tightrope of selling without tanking the price too hard.

Price Holding Steady, Despite Sale

Ether’s price is slightly down over the past month but still up a solid 38% over the last year, according to CoinGecko. While July’s sale saw ETH plummet, this time the market’s holding steady, showing resilience despite the whale’s moves. With the broader crypto market watching closely, it seems that Ethereum’s price is finding firmer ground, even as the big players make waves.