Dormant wallet revives, signaling long-term confidence in the network
An early Ethereum investor has moved $120 million worth of ETH into staking after remaining inactive for ten years. Unlike other high-profile “whale” movements that spark selling concerns, this wallet demonstrates a continued commitment to the Ethereum network rather than an intent to liquidate.
ICO Wallet Awakens
Blockchain data shows the wallet holds 40,000 ETH, originally purchased during Ethereum’s 2015 genesis block for roughly $12,000. Instead of transferring the tokens to an exchange, the holder placed the entire balance into staking. This move reflects a strategy of earning rewards while maintaining exposure to Ethereum’s long-term growth.
Other long-dormant wallets have behaved differently. One early ETH holder sold over 245,000 tokens between late November and early December, while another moved 18,000 ETH to an exchange after prior sales. Yet some early investors, including a wallet holding one million ETH from Ethereum’s genesis, opted to stake portions of their holdings.
Broader Whale Behavior
Despite selective selling, Ethereum’s top holders continue to accumulate. The top 1% of addresses now control 97.6% of ETH, up from 96.1% a year ago. The Eth2 Beacon Deposit Contract remains the largest single holder, with 72.4 million ETH — around 60% of the total supply — followed by Binance and BlackRock.
“This trend highlights that while some early investors cash out, institutional and large-scale holders are increasingly consolidating their positions,” “Staking by long-term wallets reinforces confidence in Ethereum’s upgrade and network incentives.”
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.