An Ethereum ICO whale has extended his selling spree to two weeks after offloading 19,000 ETH in the past two days.

In this Ethereum news today, an Ethereum ICO participant has continued to massively dump his Ether bag after awakening from a two-year dormancy a few weeks back. Data from on-chain analytics firm Lookonchain shows that the whale has dumped 19,000 ETH, worth $47.54 million, in the past two days.

Notably, during the Ethereum initial coin offering in 2015, the wallet received 150,000 ETH at the cost of $0.31 per coin in the Genesis block. Interestingly, the value of the Ether he received then has surged from $46,500 to over $358 million.

Whale Dumps Fresh 19,000 ETH

On-chain analysis shows that the Ethereum ICO whale resumed selling ETH on October 1, dumping 4,000 ETH when the asset traded at $2,655. The wallet dumped another 5,000 ETH on the same day, valued at around $12.7 million.

On Wednesday, the wallet continued the spree, dumping $14.7 million worth of Ether (6,000 ETH). Further analysis shows that the wallet sold another 4,000 ETH when the asset’s price dropped to $2,380.

Ethereum ICO Participant Sales

Notably, an earlier report confirmed that the whale sold 12,010 ETH last week. At the time, the wallet dumped Ether worth $31.6 million after a lack of on-chain activity for over two years.

Ethereum Down 10% in October as FUD Escalates

The ICO participant’s sales correlate with a swelling weakness in the Ethereum price. The second-largest crypto asset by market cap has dumped over 10.4% from the $2,655 price top on October 1.

Adding to the market-hostile development in the Middle East, FUD around the Ethereum ecosystem has escalated. Crypto trader Bluntz Capital reacted to the constant sales from ICO participants, noting that “even day 0 eth OGs are jumping ship.”

Another user blamed Ethereum co-founder Vitalik Buterin for the incessant dumps, stating he should “get back to work.” Notably, Buterin and the Ethereum Foundation have recently dumped a considerable amount of Ethereum.

Meanwhile, institutional investors are buying up the dip. Data from Sosovalue shows that the Ethereum spot exchange-traded funds saw an inflow of $14.45 million, with the BlackRock iShare Ethereum Trust (ETHA) buying 7,631 ETH ($18.04 million) yesterday.

At the time of writing, Ethereum was trading at $2,371, down 4.6% in the past 24 hours.