Ethereum Whale Stakes $646M, Backing Staking's Long-Term Value

A significant portion of Ethereum (ETH) held by an early investor for over eight years has re-entered the staking ecosystem, with 150,000 ETH valued at approximately $646 million deposited into a staking address. This movement, flagged by on-chain data platforms, marks one of the largest recent deposits into Ethereum’s staking layer and highlights the resurfacing of long-dormant supply from the 2014 initial coin offering (ICO).

The investor, who initially acquired 1 million ETH during the 2014 ICO for $310,000, has held 105,000 ETH in two wallets, valued at $451 million as of September 2025. The staking activity follows a three-year period of inactivity, during which the wallets processed non-ETH transactions only once since February 2022. The original investment, which cost $0.31 per ETH, has now appreciated to a valuation of $4.3 billion, according to Lookonchain data.

This staking event is part of a broader trend of ICO-era investors returning to active participation in Ethereum’s ecosystem. Traders and analysts note that such movements signal dormant supply entering circulation, though in this case, the funds were allocated to staking rather than liquidation. The investor’s decision to stake rather than sell may reflect confidence in Ethereum’s yield stability and the maturation of its proof-of-stake model.

The staking of 150,000 ETH has contributed to Ethereum’s staking layer exceeding 33 million ETH in 2025, driven by older investors leveraging rising yields. This trend underscores growing institutional and retail confidence in staking as a long-term value proposition, particularly as Ethereum’s network upgrades and regulatory clarity in regions like Europe enhance its appeal.

The resurfacing of large ETH holdings has sparked discussions about market dynamics. While the staking action does not directly impact liquidity, it highlights the potential for significant on-chain activity to influence price perceptions. Analysts caution that large movements of dormant ETH could introduce volatility, though the staking mechanism inherently locks up funds, mitigating immediate sell pressure.

This event also reflects broader shifts in Ethereum’s adoption. The network’s staking layer has become a critical component of its economic model, with older investors increasingly participating as yields stabilize. The 2014 ICO whale’s staking decision aligns with Ethereum’s broader trajectory of institutional integration, including the recent approval of spot ETFs in the U.S., which has bolstered demand for ETH.

The investor’s staking activity underscores Ethereum’s resilience and long-term value proposition. Despite market fluctuations and competition from faster blockchains like Solana, Ethereum’s developer ecosystem and network upgrades—such as the Dencun hard fork—continue to solidify its position as a foundational asset in the crypto space. As the staking layer expands, the interplay between dormant supply and active participation will remain a key factor in Ethereum’s price trajectory.

Source: [1] Ethereum ICO Whale Stakes $646M After Three Years Dormant (https://www.coindesk.com/markets/2025/09/05/ethereum-ico-whale-stakes-usd600m-after-three-years-dormant)