Ethereum: while an ICO whale raises 60 million, the elites accumulate — what does volatility reveal?

Interesting contradictions emerge from the behavior of big players in the Ethereum market. While a long-term ICO investor liquidated ETH for 60 million dollars, realizing an astronomical gain of 9,500x, the most influential Ethereum whales are paradoxically continuing to accumulate aggressively. On-chain data tell a much more complex story than a simple profit-taking sell-off.

Mega holders are increasingly dominating: concentration reaches new levels

The top 1% of Ethereum holders now control 97.6% of the total ETH supply — a significant increase from 96.1% a year ago. This data, provided by Glassnode, reveals an ongoing trend of strategic accumulation throughout 2024-2025, despite market volatility and flash crashes that have shaken the ecosystem. Meanwhile, the latest data show an even more pronounced concentration: the Top 100 addresses hold 79.83% of the total supply, further consolidating institutional control.

The story of 0x2Eb: 9,500x return in eleven years

A wallet labeled 0x2Eb represents the profile of Ethereum’s first supporter. In 2014, during the ICO, this investor subscribed to 254,000 ETH for about $79,000 — an average of only $0.31 per token. Today, those holdings would be valued at over $757 million, assuming full valuation. In recent months, the wallet has undergone a series of methodical disposals. The transaction on Wednesday — $60 million — represents the latest chapter in a calibrated profit-taking strategy, not a panic sale. The remaining holdings in the wallet amount to about $9.3 million in ETH according to Nansen trackers.

ETFs bounce back after selloff: a sign of institutional confidence?

The sentiment around US spot Ether ETFs is changing direction. After eight consecutive days of net outflows, the financial instruments recorded four consecutive days of inflows, culminating in $60 million on Wednesday. This reversal suggests that professional allocators are recalibrating their exposure to Ethereum, not abandoning it.

Methodical accumulation vs. targeted liquidity: the true meaning

Nexo analyst Iliya Kalchev interprets the situation as a “measured response” — institutional investors are selectively rebuilding, not aggressively rotating into Ethereum. Derivatives activity shows a gradual rebuilding of exposure, while macro metrics (global economic uncertainty, consequences of the October flash crash) continue to restrain a more aggressive rally.

The overall picture suggests a balance: some early believers will realize huge profits, but the core of the industry — whales, institutions, top holders — is positioning for the long term, with ETH currently trading at 2.94K with a -3.33% correction in the last 24 hours.