Ethereum ICO Whale Moves $23 Million in ETH After 10 Years of Dormancy

A long-dormant early participant in the Ethereum initial coin offering (ICO) has transferred approximately $23 million worth of ETH after remaining inactive for more than a decade.

Etherscan data shows that wallet address “0xCD5…7a336” moved around 10,000 ETH to a newly created address on Tuesday evening. Records indicate that the wallet originally received the funds on July 30, 2015, during the Ethereum ICO after investing roughly $3,100. At current market values, the transferred amount is worth about $23.1 million, representing an estimated 7,465-fold increase from the original investment.

Dormant ICO Wallet Activity Raises Market Attention

The reason behind the transfer remains unknown, but large movements from inactive wallets often attract close market attention. Analysts note that such transactions sometimes occur ahead of potential token sales or asset restructuring.

Similar activity was observed during the 2025 bull market, when several early Ethereum investors moved significant holdings after years of inactivity. In one notable instance, an ICO participant transferred 150,000 ETH in September following three years of dormancy.

At the time of the transfer, Ethereum was trading near $2,324, reflecting a modest daily increase. Despite recent gains, the cryptocurrency continues to trade well below its previous all-time high of $4,946 recorded during last year’s strong market cycle.