An Ethereum initial coin offering (ICO) participant has transferred $23.1 million worth of Ether (ETH) after more than a decade of inactivity. The movement signals potential sell-side pressure from early holders whose cost basis remains near zero.
Blockchain data shows the address moved roughly 10,000 ETH to a new wallet on Tuesday evening, according to Etherscan records cited by analysts. The wallet originally received the funds on July 30, 2015, after contributing about $3,100 during Ethereum’s ICO, data from Lookonchain indicates. The transfer marks a 7,465-fold increase in value based on current pricing.
Are Dormant Ethereum Whales Preparing To Sell?
Such transactions often precede distribution events, particularly during periods of elevated liquidity. But the timing aligns with a broader pattern observed during the 2025 bull cycle, when multiple early Ethereum participants reactivated long-dormant wallets. In one notable case, an ICO-era holder moved 150,000 ETH after three years of inactivity, a significantly larger transfer by comparison.
Analysts tracking on-chain behavior say these reactivations tend to correlate with profit realization phases rather than network participation.
“Large dormant wallets waking up typically indicate strategic repositioning rather than casual transfers,” blockchain analytics platform Lookonchain noted in its commentary on the transaction.
The absence of exchange inflows, however, leaves the immediate intent unclear.
Ethereum is trading at $2,335, up 1.9% over the past 24 hours, according to data. Yet it remains well below its all-time high of $4,946 recorded during the previous cycle, suggesting early investors may still see favorable exit conditions despite the pullback.
Still, market participants will monitor whether these funds move toward centralized exchanges or remain in cold storage, as further whale activity could shape near-term liquidity dynamics.
