Fear, uncertainty, and doubt about Ethereum appear to be creeping back into the market as Ether prices are in free fall, while an Ethereum whale has sold some more ETH accumulated from the Blockchain’s ICO in 2014.

On October 3, transaction analytics platform Lookonchain observed an Ethereum ICO participant aggressively liquidating assets over the past week.

The platform said that over the past two days, the entity sold 19,000 Ether (ETH), worth about $47.5 million.

The long-dormant entity's selling spree began in late September when more than 12,000 ETH, worth $31.6 million at the time, was sent to the Kraken exchange.

Lookonchain revealed that the subject received 150,000 ETH during the ICO in mid-2014. This amount of ETH was worth about $46,500 at the time, but is now valued at nearly $400 million.

Ethereum ICO participants sell. Source: Lookonchain

ETH price has dropped nearly 10% since the beginning of October, just three days have passed.

See also: Ethereum whale transfers $751 million to exchange

The asset traded at $2,650 on October 1, but dropped to an intraday low of $2,365 on October 3, down 3.7% on the day — a larger drop than the broader crypto market, which fell just 2.6% over the same time period.

Moreover, the ETH/BTC ratio has returned to 0.039, a level not seen since the mid-September market crash, according to TradingView.

The drop has seemingly sparked criticism and FUD against Ethereum, which has performed poorly this year.

“Tip my hat, even the early ETH guys are giving up,” shared crypto trader “Bluntz” to his 278,000 followers on X on October 3, in reference to the ICO participant’s recent transactions.

Solana enthusiast “Cozy The Caller” added to the FUD on October 3, claiming “Ethereum is doing nothing but dragging crypto lower now.”

Ethereum supporters, however, continue to support the network. Ethereum educator Anthony Sassano commented on October 3 that “the FUD is relentless and most people in this industry don’t really care about the truth.”

See also: Ethereum: An 'Upstream' Investment Until 2025!

On October 2, Ryan Sean Adams from Bankless said that Ethereum has created 9 Chains with a combined profit of over $140 million over the past 12 months.

“Each Chain is an economy. Ethereum is a federation of economies with ETH as currency. Expect Ethereum.”

Meanwhile, former Sushi CTO Joseph Delong has said that Ethereum is “preparing to onboard the next billion users” with planned network upgrades to account abstraction and authentication.

Conversely, institutional investors also appear to be warming to the asset, with nine real Ether ETFs recording inflows of nearly $20 million on October 2, largely driven by BlackRock.

This was the largest outflow in a week, coming a day after the largest outflow since the funds launched, according to Farside Investors.

In contrast, actual Bitcoin ETFs experienced their second consecutive day of collective outflows, with $53 million withdrawn from the products.