Ethereum whale offloads $47 million as Ether price declines

An early Ethereum (CRYPTO:ETH) investor has offloaded $47.5 million worth of Ether (ETH) over the past two days, raising concerns and stirring fear, uncertainty, and doubt (FUD) among the crypto community. 

According to on-chain analytics platform Lookonchain, this selling spree follows a pattern of offloading that began in late September. 

The whale, who participated in Ethereum’s initial coin offering (ICO) in 2014, has been steadily selling portions of their holdings, totaling 19,000 ETH recently. 

The total ETH stash of 150,000 acquired during the ICO, initially worth $46,500, is now valued at nearly $400 million. 

The recent sell-off coincides with a sharp decline in Ethereum's price. 

Since the start of October, Ether has dropped by nearly 10%, falling from $2,650 to $2,365 by October 3. 

This decline has sparked renewed FUD, with some traders commenting on the increased selling pressure. 

Crypto trader “Bluntz” remarked on the whale's actions, tweeting that "even day zero ETH OG’s are jumping ship." 

Despite the market downturn, Ethereum supporters continue to express confidence in the network's long-term potential. 

Ethereum educator Anthony Sassano emphasized the persistence of FUD while asserting that many industry participants overlook Ethereum's true value. 

Additionally, Ryan Sean Adams of Bankless highlighted Ethereum’s network profitability, noting that it has generated over $140 million across nine chains in the past year. 

Institutional interest in Ethereum appears to be growing, with spot Ether ETFs recording an inflow of nearly $20 million on October 2. 

BlackRock played a significant role in driving this inflow, marking the largest one-day increase since the launch of the funds. 

In contrast, spot Bitcoin (CRYPTO:BTC) ETFs have experienced outflows, signaling a shift in investor sentiment. 

At the time of writing, the Ethereum price was $2,371.50.