One of the Ethereum ICO participants is still waiting to cash out 37,000 ETH after selling 10,000 ETH in the past few months.

A whale who participated in Ethereum’s initial coin offering (ICO) in 2015 continues to dump thousands more Ether tokens after selling $24 million in Ether a few months ago. According to blockchain analysis service Lookonchain, the Ethereum ICO whale sold another 3,000 ETH on October 24, cashing out more than $7.6 million.

It was stated that the same address sold 7,000 ETH in July, which subsequently led to a 15% drop in the ETH price. These transactions account for only 4% of the total amount of ETH the whale received during the Ethereum ICO in 2015.

Whale received 254,908 ETH during the ICO. Unlike Bitcoin, Ethereum, which was launched in 2009 without any ICO, was made available through token sales.

Ethereum co-founder Vitalik Buterin announced the Ethereum ICO at the North American Bitcoin Conference in Miami in early 2014. The Ethereum ICO sold approximately 60 million ETH to investors and raised 31,000 Bitcoins, worth approximately $18 million at the time.

At the time of the ICO, the price per ETH was $0.3, and the Ethereum Foundation emphasized that these tokens were not securities.

The Ethereum ICO gave birth to many Ethereum millionaires who have held large amounts of ETH over the years, and many people started cashing out with the rise in ETH prices.

Apart from the 254,908 ETH received during the Ethereum ICO in 2014, the whale still holds 37,070 ETH, which is worth approximately $94 million.

Unlike the 7,000 ETH sell-off that took place in July, the last 3,000 ETH sell-off did not lead to a major drop in ETH price.

According to CoinGecko data, at the time of writing, Ether was trading at $2,521, down 2.4% in the last 24 hours. Although Ether has experienced a slight decline over the past 30 days, it is still up 38% over the past year, according to CoinGecko data.

Such large sales by the ETH whale usually attract attention in the cryptocurrency market and are closely followed by market participants.

In the past, cryptocurrencies have seen significant price fluctuations following massive sell-offs by whales. Drops caused by such large sell-offs can often create market-wide uncertainty, but this time there was no significant impact on the ETH price.

Ethereum gained great momentum in the crypto world after the ICO and made many investors rich in the process.

However, the fact that early stage investors still hold large amounts of ETH and are gradually converting their assets into cash may still cause significant movements in the market. The selling strategies of these whales have the potential to affect the future movements of the ETH price.