Ethereum Whale Moves $785 Million After Eight Years of Dormancy

Ethereum (ETH) has seen unusual on-chain activity just days after slipping below the crucial $4,000 level. Two long-dormant Ethereum wallets, inactive for over eight years, suddenly reawakened and moved massive holdings. This development mirrors another early investor who recently transferred over 2,000 ETH, raising questions across the crypto community.

According to blockchain tracker Lookonchain, the two wallets were among the earliest adopters of Ethereum, having originally acquired their ETH from Bitfinex during the project’s early days. After years of silence, the wallets transferred 200,000 ETH—worth approximately $785 million—to two fresh addresses. While the transfers did not go to exchanges, speculation immediately surfaced about possible over-the-counter (OTC) sales or portfolio restructuring.

Despite the significant movement, analysts highlight that the whale remains one of Ethereum’s biggest anonymous holders. Even after shifting 200,000 ETH, the investor still controls roughly 736,316 ETH across eight wallets, a stash valued at nearly $2.9 billion. With such a massive long-term commitment, it is considered unlikely that the holder will dump their assets on the market in the near term.

At the time of writing, Ethereum trades at $3,936, down nearly 2% in 24 hours. The asset dropped from an intraday high above $4,020 to a low of $3,829 before recovering slightly, suggesting dip buyers are entering the market. Trading volume surged nearly 10% to $59.5 billion, signaling renewed activity as investors position themselves for potential volatility.

While fears of selling pressure remain, some experts believe these whale transfers may simply reflect internal wallet reorganizations. However, with Ethereum showing signs of heightened trading volume and price swings, the coming days could prove critical. Investors are closely watching technical signals and market sentiment to determine whether ETH stabilizes above support or faces further downside pressure.