Ethereum ICO Participant Dumping $29,350,000 After Waking Up: Lookonchain

SummaryICO Ethereum Holder Liquidates: An investor from Ethereum’s initial coin offering (ICO) became active after years, selling 16,500 ETH for approximately $29.35 million since mid-April, while still holding 13,500 ETH.Successful Diversified Whale Profits: A different large market participant achieved over $9 million in profits over the past month by holding a diverse portfolio of cryptocurrencies, including significant unrealized gains on a large Bitcoin position.Contrasting Market Activities: Blockchain data highlights divergent strategies and outcomes among major crypto holders, with early ETH investors capitalizing on long-term gains while some memecoin speculators face significant losses from recent sell-offs.ICO-Era Ethereum Wallet Sells Millions After Long DormancyBlockchain analysis provided by Lookonchain indicates significant recent activity involving early Ethereum participants and other large-scale cryptocurrency holders (“whales“). Notably, a wallet associated with Ethereum’s initial coin offering (ICO) has re-emerged after an extended period of inactivity, liquidating a substantial portion of its holdings.This long-dormant Ethereum address began transferring significant amounts of ETH starting in mid-April, according to Lookonchain’s tracking via the social media platform X. The transfers were directed to the Kraken cryptocurrency exchange, suggesting an intent to sell the assets on the open market. A specific transaction noted on May 3rd involved the sale of an additional 1,500 ETH, valued at approximately $1.76 million. Since ending its dormancy on April 17th, this entity has reportedly disposed of a total of 16,500 ETH. These sales occurred at an average price of $1,779 per ETH, culminating in realized proceeds of roughly $29.35 million. Despite these sales, the wallet retains a substantial holding of 13,500 ETH, estimated to be worth $24.82 million. At the time of the report, ETH was trading at $1,830, marking a 4.8% decrease over the preceding 24 hours.TRUMP Memecoin Whales Incur Losses on Large SalesIn addition to the ETH movements, the analytics firm observed significant selling pressure from major holders of the Official Trump (TRUMP) memecoin, transactions that resulted in considerable losses for the sellers. Data indicated two prominent wallets liquidated a combined total of 765,128 TRUMP tokens (valued at $8.58 million), incurring an aggregate loss of $2.34 million. Lookonchain detailed that one whale, despite prior profits of $196,000 from TRUMP, lost 1.38 million on a sale of 337,560 tokens (3.81 million) on May 4th.Similarly, another whale with previous gains of $732,000 experienced a loss of 961,000 after selling 427,568 tokens (4.77 million) on the same date.The analysis suggested these sales not only erased all previous profits from the token for these holders but also resulted in a principal loss approximating $1.42 million.Coinciding with these events, the TRUMP token was trading at $11.00, reflecting a 4.55% decline over the past day.Profitable Strategy: Whale Sees Success with Diversified HoldingsConversely, Lookonchain also identified a separate large holder demonstrating profitable trading activity. This particular whale established long positions across a diverse range of cryptocurrencies over the past month, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Litecoin (LTC), XRP, Chainlink (LINK), and 16 additional tokens. This diversified strategy has reportedly generated total profits surpassing $9 million. Also Read: At Lower Cost Basis ETH Holders Gain 22.5% Signaling Bullish Conviction CryptoQuantDespite Ethereum’s price correction, long-term holders (LTHs) increased their ETH holdings by 22.5% and lowered their average cost basis between March and May 2025, indicating strong conviction in the asset’s prospects. Ethereum currently faces short-term bearish pressure and is struggling near a crucial support zone (1,772-1,824). Failure to hold this level could trigger a sharp decline towards $1,500 due to lower buying interest below. Analysts note potential bullish reversal patterns and upcoming roadmap developments as possible catalysts for a future breakout, contrasting with current negative market sentiment....[Read More]*Disclaimer*: We at Bitcoinleef.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice and viewers should consult their financial advisors before investing.The post Ethereum ICO Participant Dumping $29,350,000 After Waking Up: Lookonchain first appeared on Bitcoinleef.