An individual who participated in Ethereum's ETH/USD initial coin offering dumped nearly $10 million worth of the cryptocurrency early Monday.

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Long-Term Holder Sells ETH At Highs

The long-term investor deposited 2,300 ETH, worth $9.8 million as of this writing, to popular cryptocurrency exchange Kraken, according to on-chain tracking platform Spot On Chain.

The investor received as many as 20,000 ETH during ETH’s ICO in 2014 and has been selling at set intervals. With the latest sale, they are left with a balance of only 1,623 ETH, worth $6.92 million.

See Also: Samson Mow Says Ethereum A ‘Vehicle’ For People To Buy More Bitcoin: ‘No One Wants ETH In The Long Run’

Going Against The Tide?

The whale's tactic appeared contradictory to the broader market. According to IntoTheBlock, the amount of ETH held by long-term investors increased during the last 24 hours, indicating that accumulation was taking place.

Moreover, ETH recorded negative net flows in the last 24 hours, suggesting that more ETH was withdrawn than deposited on exchanges. This is typically seen as a preference for HODLing.

Meanwhile, over 50% of Binance's top trader accounts i.e, the top 20% users with the highest margin balance, were positioned long on ETH as of this writing, according to Coinglass.

ETH rallied sharply during the weekend, sailing past $4,300 for the first time since November 2021. As of this writing, it was 12.84% away from the all-time high.

Price Action: At the time of writing, ETH was trading at $4,263.86, up 2.27% in the last 24 hours, according to data from Benzinga Pro.  The coin has surged nearly 20% over the last week.

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