Ethereum ICO Whales Cash Out $366M as 98% of ETH Is Profitable
Ethereum Overview
- 98% of Ethereum holders are currently in profit, increasing the likelihood of profit-taking.
- The price has decreased by 1% in the last 24 hours, currently supported around $4,600.
Whale Profit Realization
- An early Ethereum ICO investor sold 4,283 ETH for $18.97 million.
- This investor purchased 100,000 ETH for $31,000 during the ICO.
- Since 2021, they have sold 44,284 ETH, generating approximately $105 million at an average price of $2,378 per token.
- The wallet still holds 55,716 ETH, valued at about $261.6 million.
- Total profit from these transactions is approximately $366.8 million, representing an 11,835x return on investment.
Market Conditions
- Ethereum's market cap surpassed $500 billion amid a 60% price rally over the past month.
- 98% of ETH supply is in profit, the highest level in two years, according to Glassnode.
- Historical data indicates that levels above 95% suggest an overheated market, increasing potential for profit-taking.
Ethereum’s “Percent Supply in Profit” hits 98%, the highest in two years. | Source: Glassnode
Market dynamics will determine whether whales capitalize on demand to exit positions or hold their assets longer as accumulation continues.