The Ethereum market is sending mixed signals as one of its earliest investors continues to cash in on massive profits, while the wealthiest wallets and institutional funds steadily increase their holdings. This divergence highlights a split between long-term profit-taking and ongoing accumulation by major players.

An ICO-Era Whale Takes Profit

An investor who participated in Ethereum’s Initial Coin Offering (ICO) recently sold another $60 million worth of ETH, realizing a staggering 9,500-fold return on their original investment. The whale initially acquired 254,000 ETH for approximately $79,000—a price of just $0.31 per token. According to blockchain data, that initial stake is now valued at over $757 million.

While the sale has sparked some concern among market observers about early investors exiting their positions, the wallet’s activity doesn’t suggest panic. Data shows the investor has been systematically selling portions of their holdings since early September, pointing to a deliberate profit-taking strategy rather than a sudden loss of confidence. Following the latest transaction, the wallet still holds over $9.3 million in Ether.

Top Holders and ETFs Signal Confidence

In stark contrast to the selling, the top 1% of Ethereum holders have continued to accumulate the cryptocurrency despite the market downturn. According to data from Glassnode, the supply of ETH held by these top-tier addresses has climbed from 96.1% to 97.6% over the past year, indicating that the largest players are strengthening their positions.

Institutional interest also appears to be rebounding. After eight consecutive days of net outflows, U.S. spot Ether Exchange-Traded Funds (ETFs) have seen a reversal, recording four straight days of positive net inflows. On one recent day alone, these funds attracted $60 million, signaling renewed institutional buying.

Iliya Kalchev, an analyst at the digital asset platform Nexo, noted that the market’s reaction remains “measured” despite these positive signs and the anticipated Fusaka upgrade. He explained that the combination of steady ETF inflows and derivatives activity suggests investors are rebuilding their exposure selectively rather than making an aggressive, broad-based rotation into the asset.