Key takeaways
- Early Ethereum investor transfers nearly $18 million
- Whale originally acquired ETH for just $0.31
- ETF withdrawals threaten Ethereum's recovery above $2,300
An early Ethereum investor who acquired ETH for approximately $0.31 per token has moved another $17.79 million worth of cryptocurrency, drawing attention to long-term holder selling as Ethereum struggles to recover from October's decline.
On October 28, blockchain analytics platform Lookonchain reported that a wallet linked to an early Ethereum participant transferred 7,594 ETH after roughly a year of inactivity.
The investor originally purchased 200,000 ETH during Ethereum's initial coin offering for approximately $62,000. The latest movement comes as ETH trades around $2,340, leaving traders watching whether support near $2,300 can withstand continued selling pressure.
Ethereum Whale Moves Final ICO Holdings After Extraordinary Gains
According to onchain analyst Yu Jin, the wallet transferred its remaining 7,594 ETH to Kraken, with the transaction valued at approximately $17.79 million.
The investor's original 200,000 ETH allocation cost about $62,000. Based on an estimated average historical selling price of $1,368, those coins could have generated approximately $273.6 million in total proceeds over time.
That represents a remarkable return on the original investment, although the exact realized profit depends on transaction history, fees and other transfers.
The latest Kraken movement is consistent with preparation to sell, but an exchange deposit alone does not confirm the final execution price.
The transfer also follows another early investor's recent sales. Lookonchain reported that a separate wallet holding ETH acquired at $0.31 sold 1,500 ETH worth approximately $3.48 million on October 27.
Such movements add to the selling concerns previously examined in our Ethereum liquidation coverage.
However, individual whale transactions do not establish a broad market-wide distribution trend.
Ethereum ETF Outflows Reach $1.26 Billion in October
US spot Ethereum ETFs recorded approximately $60.2 million in net withdrawals on October 27, following $88.6 million the previous session.
BlackRock's ETHA accounted for $93.3 million in October 27 redemptions, while Fidelity's FETH attracted $28.6 million.
October's cumulative ETF withdrawals had already reached approximately $1.26 billion through October 26, according to market data reported by Invezz.
That extends the deterioration Coinpaper previously documented when ETF withdrawals surpassed $1 billion earlier in the month.
Still, onchain accumulation provides a contrasting signal.
Wallets holding between 1,000 and 10,000 ETH reportedly accumulated approximately 40,000 ETH over the previous week, suggesting some large investors are buying while others reduce exposure.
That divergence complicates Ethereum's bearish October outlook.
Ethereum Price Prediction: Can ETH Defend $2,310?
Ethereum faces an unusually concentrated support region between $2,310 and $2,328.
CryptoQuant estimates ETH's realized price near $2,310, while its 200-day exponential moving average sits around $2,315. The average acquisition cost of wallets holding 1,000–10,000 ETH is approximately $2,328.
A sustained breakdown beneath this area could expose $2,256, followed by $2,204.
Conversely, reclaiming resistance near $2,362 and $2,444–$2,453 would improve the recovery outlook, potentially reopening a move toward $2,548.
The immediate uncertainty follows Ethereum's recent decline toward $2,300, which also coincided with concerns surrounding its Glamsterdam upgrade schedule.
Its scaling roadmap remains important to long-term adoption, but development progress cannot guarantee short-term buying demand.
Likewise, Tom Lee's earlier $5,000 Ethereum forecast reflects a much longer investment horizon.
