An Ethereum wallet dating back to the network’s ICO era has suddenly become active after more than 10 years of inactivity, moving 2,000 ETH in a rare on-chain event that has caught the attention of traders and analysts.
Dormant ICO-Era Wallet Suddenly Reawakens
Blockchain tracker Lookonchain reported the transactions of an ICO-era Ethereum wallet that transferred 2,000 ETH to a new wallet after 10 years of inactivity. According to Lookonchain, the wallet holder had received the coins during the Ethereum ICO event, in which they invested only $620.
However, at the current prices, the 2,000 ETH coins are now worth $5.85 million, representing a 9,435x profit for the wallet holder.
Meanwhile, the transaction comes at a time when the Ethereum network is undergoing some strategic changes and upgrades, with the most recent being the Fusaka upgrade. The upgrade is designed to make the network more cost-effective, faster, and scalable.
ICO-Era Whales Are Beginning to Awaken
Interestingly, this transaction contributes to a growing pattern suggesting that Ethereum whales from the ICO era are slowly awakening. Over the past year, several wallets dating back to Ethereum’s earliest days have shown signs of life, moving small portions of ETH or consolidating holdings.
In fact, Lookonchain had reported 4 days earlier about the activity of another ICO-era wallet, which also transferred 2,000 ETH to a new wallet after more than 10 years of dormancy.
Meanwhile, this trend may reflect early investors reassessing their positions as Ethereum matures and regulatory clarity improves. While some whales may be securing profits after years of holding, others could be preparing to stake, diversify, or participate in new on-chain opportunities.
Notably, not all whale movements result in immediate selling pressure. In many cases, funds are simply transferred to modern wallets with enhanced security or improved compatibility with newer Ethereum features.
ETH Price Action Remains Steady Despite Whale Move
Meanwhile, Ethereum has demonstrated resilience in maintaining key support levels despite the circulation of news related to ICO-era whales coming out of multi-year hibernation.
Like several other assets in the market, ETH continues to trade within a consolidation range, and traders are watching resistance levels for a potential breakout. According to CoinmarketCap, Ethereum has yet to break past the $3,000 region and has recorded a modest dip of 0.5% in the past 24 hours.
Meanwhile, it’s worth noting that institutions continue to buy the dip, as Tom Lee’s BitMine recently purchased $88.1 million worth of ETH to add to its large holdings, which have now crossed 4 million tokens.
The CoinRemark Team
