A contrasting pattern is emerging inside Ethereum’s investor base: one of the project’s earliest backers is steadily reducing exposure after more than a decade of gains, while the largest wallets on the network have been quietly increasing their ETH holdings.
Key Takeaways:
One of Ethereum’s earliest ICO buyers has been gradually selling, including a recent $60M transfer.
At the same time, the top 1% of Ether wallets have increased their collective holdings to 97.6% of supply.
U.S. spot ETH ETFs have returned to net inflows and remain a major source of renewed accumulation.
According to data from Glassnode, the top 1% of ETH addresses now hold 97.6% of circulating supply, marking the highest concentration level in the past 12 months. The percentage was 96.1% this time last year, meaning big players have continued adding during the recent market downturn rather than selling into weakness.
This steady accumulation aligns with renewed appetite from institutional products.
U.S. spot ETH ETFs posted four consecutive trading days of positive inflows, with $60 million in net buying on Wednesday alone, based on figures from Farside Investors. ETF inflows are widely viewed as direct evidence of institutional demand returning to the market.
An #Ethereum ICO participant sold 20,000 $ETH($58.14M) via FalconX again 11 hours ago.
This OG (0x2eb0) received 254,908 $ETH during the ICO(cost $79K, now worth $757M).https://t.co/f0Ob9tqPqc pic.twitter.com/lPQoe0cpEC
— Lookonchain (@lookonchain) November 26, 2025
Meanwhile, an early ICO participant trims their position after 11 years
While the largest wallets add, one of Ethereum’s original buyers is monetizing gains at a measured pace.
A wallet tagged 0x2Eb transferred $60 million worth of ETH to exchanges this week. The holder originally paid about $0.31 per ETH during Ethereum’s 2014 ICO, purchasing roughly 254,000 tokens for $79,000 — a position now valued at more than $757 million.
The sales began in early September and have continued without signs of panic or forced selling. After the latest transaction, the wallet’s remaining position sits near $9.3 million in ETH.
Market reads both sides of the behavior
Traders watching the wallet disagree on what the activity means. Some call it normal long-term profit-taking after a historic return. Others argue that early-holder liquidation tends to precede broader market pullbacks.
But on-chain data paints a calmer picture: the wallet has been selling gradually for months, and no unusual spike in exchange deposits has been linked to broader whales beyond this single address.
Analysts describe the market as “rebuilding exposure”
Iliya Kalchev, analyst at Nexo, said recent flows show investors increasing allocations “selectively,” driven by derivatives positioning and ETF demand rather than a speculative broad-based rally.
Upcoming catalysts — including the Fusaka upgrade — are being monitored, but analysts suggest ETH buyers are reacting to market structure instead of front-running headlines.
