A wallet linked to an Ethereum initial coin offering participant spent $23.7 million to purchase 8,492.8 ETH on September 21, marking a significant market re-entry after six months of inactivity.
The ICO-era wallet executed four separate orders on Cow Swap, a decentralized exchange aggregator, between 15:29 and 15:37 UTC. The trades converted 10.05 million DAI, 4.49 million USDS, 7.06 million USDC, and 2.13 million USDT into ethereum, averaging approximately $2,794 per coin.
According to onchain records, the wallet simultaneously repaid roughly 809 wrapped ether of debt on Aave, a decentralized finance lending protocol, and withdrew approximately 8,876 ETH in collateral. The account now holds around 16,773 ETH total.
ICO-Era Holdings
The whale subscribed to 38,800 ETH during Ethereum's initial coin offering at approximately $0.31 per coin. Those tokens arrived when the network launched in 2015, representing an initial investment of roughly $12,028.
Notably, the same wallet sold 1,923.05 wrapped ether on March 27 at $2,010.68 per coin, six months before this latest purchase.
Broader Market Accumulation
Other significant buyers have emerged in recent days. A separate entity accumulated 21,520 ETH across five consecutive days starting September 18, purchasing at prices ranging from $2,450 to $2,762 for an average of $2,593 per coin. That entity was linked to selling UBTC, Hyperliquid's wrapped bitcoin, to acquire ethereum.
Corporate treasures also participated, with Tom Lee's Bitmine adding 27,562 ETH during the week prior to September 21, bringing its holdings to approximately 4.9% of ETH's total supply. In contrast, spot ether exchange-traded funds shed $140 million in the week leading up to September 18.
