Amidst the declining state of the market, the wealthiest Ether holders are demonstrating unwavering commitment by continuously accumulating the cryptocurrency.

An investor from the Ethereum initial coin offering (ICO) recently offloaded another $60 million worth of Ether (ETH), achieving an astonishing 9,500x return on their initial investment made 11 years ago. During the ICO, they acquired ETH at around $0.31 per token, totalling an expenditure of $79,000 for 254,000 tokens, now valued at nearly $757 million, based on data from Lookonchain.

Following this significant sale, their wallet, labeled “0x2Eb,” holds approximately $9.3 million in Ether according to data from Nansen, a crypto intelligence service.

While some investors view this profit-taking as a potentially troubling indicator for the crypto market, suggesting it might lead to further dips, others commend the long-term holder’s strategic foresight. X user Raye expressed, “This trend of OGs selling their bags is concerning,” however, the selling pattern from the wallet indicates a deliberate profit-taking method as it has been gradually liquidating holdings since early September.

Unbothered by Market Trends

Despite unfavorable market conditions, the wealthiest 1% of Ether holders remain unperturbed, persistently accumulating the asset over time. The proportion of Ether held by this group climbed to 97.6% this past Wednesday, rising from 96.1% from a similar time last year, as indicated by data from Glassnode.

Moreover, US spot Ether exchange-traded funds (ETFs) have resumed acquisitions, reversing eight days of consecutive outflows, amassing $60 million in net positive inflows on Wednesday, representing their fourth straight day in the green, according to Farside Investors.

Iliya Kalchev, an analyst from Nexo, remarked that this combination of steady inflows and an uptick in derivatives trading signals that investors are carefully rebuilding their exposure rather than aggressively switching their investments across the market.