- Ethereum is trading at $1,631.02, down 22.95% over 30 days and 45.03% year-to-date
- A wallet that participated in the BAT ICO in May 2017 has awakened after nearly 6 years of inactivity and completely liquidated its ETH holdings
- The whale originally spent 17,789 ETH (~$4.12M) to acquire 113.8 million BAT tokens, which were gradually sold for a profit of ~$23.77M
- Proceeds were converted into 27,586 ETH, which have now been fully liquidated over the past day and a half
- UPDATE: The remaining 15,000 ETH (~$24.29M) was sold just 2 hours ago — completing the full exit
- Total ETH sold: 27,586 ETH converted into 44.836 million USDS at an average price of $1,625
- The wallet now holds zero ETH — the liquidation is complete
Price Overview — ETH Continues to Struggle in 2026
June 25, 2026 — Ethereum is not having a good year. ETH is currently trading at $1,631.02, reflecting a 22.95% decline over the past 30 days and a sobering 45.03% drop year-to-date, with a market capitalization sitting at $196.83 billion.
The weakness is not new. Ethereum has been a consistent underperformer in the current cycle, and as noted in an earlier CoinsProbe analysis, Ethereum delivered zero returns over a 5-year period as Bitcoin-to-altcoin rotation basically disappeared — a troubling reality for long-term ETH holders who expected the altcoin season rotation to eventually reward their patience.
Against this backdrop of persistent price weakness, on-chain activity from a 9-year-old ICO-era wallet has caught the attention of analysts — and for good reason.
The BAT ICO Whale — A Decade-Long Story
On-chain analyst EmberCN flagged a remarkable transaction originating from a wallet that has been essentially dormant for years. The wallet’s history reads like a masterclass in early crypto investing:
2017 — The BAT ICO: In May 2017, the wallet deployed 17,789 ETH — worth approximately $4.12 million at the time — to participate in the Basic Attention Token (BAT) ICO. In return, it received 113.8 million BAT tokens.
2017–2019 — The BAT Exit: Over the following 2.5 years, the wallet systematically sold its BAT holdings, predominantly through Binance, at an average price of $0.245 per BAT. The total proceeds came to approximately $23.77 million in profit — a phenomenal return on the original ETH investment.
The ETH Conversion: Rather than cashing out entirely into fiat or stablecoins, the wallet converted a significant portion of those BAT profits back into ETH, accumulating 27,586 ETH in the process.
2019–2025 — Complete Silence: For nearly six years, the wallet did nothing. The ETH sat untouched through multiple bull and bear cycles — through the 2021 bull run that took ETH to nearly $5,000, through the 2022 crash, through the 2024 recovery, and through ETH’s painful 2025–2026 decline.
Full Sell-off Complete
Just 7 hours ago, the remaining 15,000 ETH (~$24.29M) was sold, marking the complete exit of this whale’s entire ETH position. The 27,586 ETH accumulated from selling BAT tokens between 2017 and 2019 has been fully converted into 44.836 million USDS over the past day and a half — completing one of the more notable ICO-era whale exits seen in recent months.
This is no longer a partial distribution — it is a complete and deliberate exit from ETH by a wallet that has been accumulating and holding since 2017. The speed and totality of the sell-off makes this significantly more meaningful as an on-chain signal than a routine rebalancing move. A wallet that survived multiple bear markets, held through ETH’s peak at ~$5,000, and chose to exit entirely at $1,625 is sending a clear message about near-term conviction.
Why This Matters — Reading the On-Chain Signal
Long-dormant wallet movements, especially from ICO-era participants, are closely monitored by on-chain analysts for several reasons:
1. These wallets represent some of the lowest-cost basis holders in crypto. A wallet that acquired ETH in 2017 at prices between $10 and $400 has been sitting on extraordinary unrealised gains for years. When they choose to sell, it raises the question: what do they know, or what do they see in the current environment, that is motivating action after years of patience?
2. The timing matters. This wallet did not sell during ETH’s peak at ~$5,000 in 2021. It did not sell during the 2024 recovery. It chose to begin selling now, at $1,631 — well below the cycle highs. That could suggest the whale is not expecting a near-term recovery strong enough to justify continued holding, or it could simply reflect portfolio rebalancing after years of dormancy.
3. The exit is now complete. With the final 15,000 ETH sold just hours ago, this whale has converted its entire ETH stack — 27,586 ETH into 44.836 million USDS — at an average of $1,625. There is no remaining overhang from this wallet, but the sheer totality of the exit in just 1.5 days is the signal itself.
This context becomes even more significant when combined with the broader Ethereum picture. As recently reported, Ethereum recorded its lowest monthly RSI in history — a deeply oversold reading that has historically preceded significant recoveries. The question is whether that oversold signal leads to a bounce before this whale finishes distributing.
Bulls vs Bears — What Does This Mean for ETH Price?
The Bear Case
The timing of this whale’s reactivation adds to existing selling pressure on an asset that is already down 45% year-to-date. When long-term holders with massive unrealised profits begin distributing, it historically signals that the smart money is not positioned for an imminent recovery.
The fact that the whale chose not to sell during ETH’s strongest periods and is now selling at multi-year lows raises uncomfortable questions about near-term price expectations. If 15,000 ETH more hits the market, that is roughly $24.3M in additional selling pressure at a time when ETH is already struggling to find buyers.
The Bull Case
Not everything is negative. On-chain accumulation data tells a different story at the same time. As covered on CoinsProbe, over 500,000 ETH was pulled from exchanges in a signal of accumulation — suggesting that while one whale is selling, a broader cohort of buyers may be absorbing that supply off exchanges and into cold storage. Exchange outflows of that magnitude typically indicate buyers are not planning to sell anytime soon.
The combination of historically low RSI, record exchange outflows, and extreme year-to-date underperformance could set the stage for a sharp recovery — if broader market conditions cooperate.
Bottom Line
The BAT ICO whale story is now complete. What started as a partial sell two days ago ended just hours ago with a full exit — 27,586 ETH fully converted into 44.836 million USDS at an average price of $1,625, just slightly below where ETH trades today.
A wallet that held through ETH’s peak of ~$5,000, through multiple bear cycles, and through nearly six years of silence chose to liquidate everything at $1,625. That is a fact, and it deserves serious attention.
It does not mean ETH goes to zero. The historically oversold RSI and 500,000 ETH being pulled from exchanges suggest accumulation is happening on the other side. But when a 9-year ICO veteran exits their entire position in 1.5 days, it is a clear signal that at least one very patient, very experienced holder sees better opportunities elsewhere — or sees enough risk in ETH’s near-term outlook to take $44.8 million off the table right now.
The $1,600–$1,625 zone is now defined. It is where an ICO-era whale chose to fully exit. Whether the market respects that level or breaks through it will tell us a great deal about what comes next for Ethereum.
Frequently Asked Questions
Who is the 9-Year BAT ICO Whale?
A smart investor who participated in the 2017 BAT ICO, earned $23.77 million profit selling BAT, and later converted gains into 27,586 ETH that remained dormant for years.
How much ETH did the whale sell?
The whale has fully liquidated all 27,586 ETH, generating total proceeds of $44.836 million USDS at an average selling price of $1,625.
Is this whale dump bearish for Ethereum?
Large profit-taking from ancient ICO wallets often adds short-term selling pressure and is watched as a sentiment indicator. However, one whale’s actions rarely dictate long-term market direction.
Why is this move called “Smart”?
The whale bought low during the 2017 BAT ICO, held patiently for years, sold BAT at a massive profit, and has now fully exited ETH near current market levels — demonstrating excellent long-term timing.
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