Ethereum Whale Wallets Wake Up After Decade, Show 787,000% Gains

An Ethereum whale wallet, created during the blockchain’s initial coin offering (ICO) in 2015, has shown activity after a decade of dormancy. The wallet, which received 1,000 ETH during the Genesis event for just $310, initiated a 1 ETH transaction recently. This move has attracted attention from the crypto community due to the massive price appreciation of Ethereum. At the current Ethereum price of $2,502, the wallet’s total holdings are now valued at approximately $2.44 million, marking a staggering 787,000% gain over the initial purchase amount. The ETH, acquired for roughly $0.31 per token in 2015, now sits at the center of speculation regarding whether large-scale liquidations could follow.

This wallet is not the only one to stir after years of inactivity. Earlier in June, another Genesis-era whale moved ETH after 10 years. That wallet had received 2,000 ETH during the ICO phase for just $620. The current valuation of that wallet exceeds $5 million. These movements suggest a pattern among early investors, potentially preparing to engage with the market again. The reactivation of these wallets comes as Ethereum continues to trade around the $2,500 level. This prolonged price range has created a phase of market consolidation. Over the past week, whale activity has spiked, including a separate $10 million ETH purchase by another large holder.

Concurrently, there has been an uptick in short positions against ETH, increasing the likelihood of a short squeeze. In contrast, institutional demand remains strong. Spot Ethereum ETFs have recorded seven straight weeks of net inflows, totaling $283 million last week, led by BlackRock’s ETHA fund. This continued institutional interest, despite rising short positions, indicates a robust and growing interest in Ethereum from major investors. The reactivation of these wallets and the increased institutional demand suggest a potential shift in the market dynamics, with early investors and institutions alike showing renewed interest in Ethereum.