An Ethereum ICO participant has sold another 19,000 ETH over the past two days. This freshly offloaded stash is worth around $47.54 million at the current price.

This entity had previously received 150,000 ETH during the genesis at an ICO cost of just $46.5K.

Dormant Ethereum ICO Participant Resurfaces

As flagged by on-chain transaction analytics platform Lookonchain, this sale follows a recent move in the last week of September when the same participant deposited 12,010 ETH, valued at $31.6 million, to the crypto exchange Kraken after being dormant for over two years.

Initially, the investors total ETH holding was worth more than $358 million at the current price before these significant transactions.

The Ethereum ICO took place between July and September 2014. A total of $18 million was raised. When Ethereum went live in July 2015, early contributors were given 80% of the tokens. Meanwhile, the rest went to the Ethereum Foundation and early team members.

Last month, an Ethereum address broke its nine-year dormancy by depositing 5 ETH into Kraken. Similarly, another long-dormant ICO participant transferred more than $9 million in ETH to the same exchange this year.

It is important to note that these transfers are quite rare. Despite this, the latest one occurred amid rising fear, uncertainty, and doubt (FUD) in the market, as Ether prices took a sharp downturn.

The worlds largest altcoin by market cap has dropped nearly 10% over the past week, currently trading below $2,400. This decline has reignited criticism of Ethereum, which has underperformed throughout the year. Market commentators are expressing concern over its price trajectory, with crypto trader Bluntz noting on X,

yikes, even day 0 eth OGs are jumping ship.

Ethereum advocate Anthony Sassano, on the other hand, said that the FUD is never-ending while expressing his frustration and added that most people in this industry dont actually care about the truth.

Its all so incredibly tiring.

Ethereum ETFs See Inflows

Institutional investors seem to be showing renewed interest in Ethereum, as the nine spot Ether ETFs saw $14.45 million in inflows on Oct. 2, according to SoSoValue data.

BlackRocks ETHA led with $18.04 million, followed by Franklin Templetons EZET, which attracted $1.81 million in inflows.