An early Ethereum ICO (Initial Coin Offering) participant purchased 20,000 Ethereum (ETH) coins for $6,200. The value of the 20,000 coins is somewhere around $85.6 million today. According to an X post by CoinTelegraph, the ETH ICO participant sold 2,300 ETH on Aug. 11 for $9.91 million. The Ethereum millionaire still holds 1623 ETH valued at almost $7 million.
Will ETH Fall After Ethereum Millionaire Begins Selling?
ETH has seen an incredible rally over the last few months. The asset struggled to gain momentum after the 2021 bull run. Things finally seem to be falling into place with ETH.
ETH began its upward momentum after its Pectra upgrade in May 2025. It made a big ascent before facing a correction in June. Ethereum (ETH) has once again breached the $4000 mark, a level last traded at in December of last year. Despite the Ethereum millionaire selling 2300 coins, ETH is green across the board. The asset has rallied 1.6% in the daily charts, 20.3% in the weekly charts, 9.9% in the 14-day charts, 44.2% over the previous month, and 60.4% since August 2024, according to CoinCodex ETH data.
ETH’s rally could be due to several reasons. The general market bullishness is one likely factor. Bitcoin (BTC) has reclaimed the $122,000 price point today. The original crypto seems to be moments away from hitting a new all-time high.
Another reason is likely due to consistent ETF inflows from financial institutions. ETF inflows have had one of the most significant impacts in the current cycle. Corporate treasuries have also begun hoarding crypto assets. ETH seems to be part of the corporate treasury appetite.
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Another reason for ETH’s rally could be President Trump’s decision to allow 401(k) retirement funds to invest in crypto. Investors may be anticipating retirement funds to increase their Ethereum exposure.