Ethereum’s early backers are showing renewed selling activity. Lookonchain reported on Oct. 23 and Oct. 24 that two legacy wallets moved a combined 4,000 ETH to exchange-linked addresses. One sender was an ICO participant who originally acquired 100,000 ETH at $0.31 per token; the 1,000 ETH transfer represented 1% of that initial allocation, with an original cost of just $310. A second wallet sold 3,000 ETH worth $7.23 million after buying the coins nine years earlier at about $18.83 apiece, implying a valuation roughly 128 times its original $56,490 cost.
In a separate signal, Lookonchain identified an institution that became active after more than a year, moving 156,690 AAVE worth $22.86 million and 19.74 million WLD worth $10.04 million. Of those totals, 62,000 AAVE valued at $9.12 million and 19 million WLD valued at $9.67 million had reached exchanges, a combined $18.79 million. The tracker described the moves as preparation to sell, though it did not provide evidence of completed trades.
Santiment reported that 169,770 ETH left exchanges on a net basis on Oct. 22, the largest daily outflow in more than four months. The analytics firm said reduced exchange supply generally leaves fewer tokens immediately available for sellers, but cautioned the historical comparison does not guarantee a bottom. Santiment identified $2,400 as Ethereum’s immediate pivot, with a sustained recovery above $2,500 strengthening the bottoming case and a loss near $2,330 weakening it.
Fund flows have been another source of pressure. Ethereum ETFs recorded $320.1 million in net withdrawals during Oct. 12–16, with BlackRock’s ETHA alone accounting for roughly $299 million. That occurred despite one daily inflow of $24.8 million on Tuesday; the other four sessions saw outflows of $85.4 million, $129.5 million, $60.3 million and $69.7 million.
Separately, Aave announced its first externally curated markets on V4 through Sentora on Oct. 22, supporting borrowing of RLUSD, PYUSD and OUSD against selected collateral. Sentora manages collateral settings, interest-rate curves, price oracles and liquidation parameters, while Aave DAO retains ownership of the contracts.
