A dormant Ethereum Initial Coin Offering (ICO) wallet, untouched for a decade, has recently sprung to life, transferring 40,000 ETH, worth approximately $120 million, into staking. This move by an early adopter signals a strong long-term conviction in the Ethereum network.
According to Lookonchain, a blockchain data platform, the wallet's address (beginning with 0x2dCA) participated in Ethereum's genesis block launch in July 2015. During the ICO, the holder acquired 40,000 ETH for approximately $12,000. With Ethereum's current valuation, these tokens are now worth $120 million. The investor first transferred 5 ETH (approximately $15,000) to a new address for testing and then transferred the remaining 39,995 ETH (approximately $119.4 million) to a new wallet. At the time, the 40,000 ETH from the ICO cost only $12,440, now it's worth $120 million, a 9,646-fold increase.
Rather than moving the funds to a cryptocurrency exchange, the ICO-era whale has staked their entire ETH holding. Staking involves locking up ETH to help validate transactions and secure the Ethereum network. In return, stakers earn rewards, similar to interest. This decision suggests the whale is doubling down on their belief in Ethereum.
The reemergence of this "sleeping giant" has sparked considerable discussion within the crypto community. Some analysts have attributed recent crypto price fluctuations to large crypto whales selling off their holdings. However, this particular whale's decision to stake their assets is seen as a bullish sign for the Ethereum ecosystem. It reduces immediate sell pressure and showcases the attractiveness of Ethereum staking to long-term investors.
While some early Ethereum adopters have chosen to sell their holdings, data suggests that top Ether holders are still accumulating. As of last Wednesday, the supply of Ether held by the top 1% of addresses rose to 97.6%, up from 96.1% a year prior.
Notably, another OG wallet that amassed 254,908 tokens during the Ether ICO began selling its holdings on November 26th. In an initial sale, the whale sold 20,000 Ether, then steadily chipped away until they had just $9.3 million in Ether left as of Saturday. Concurrently, another OG who had accumulated 154,076 Ether, starting in 2017, sent 18,000 tokens to the web-based crypto exchange Bitstamp. Previously, this whale had sold off 87,824 Ether at an average price of $1,694.
This activity follows a similar event in September when a larger Ether ICO wallet, dormant for eight years, woke up and opted to stake some of its stash. This whale, who had acquired 1 million tokens during Ethereum's genesis, moved 150,000 Ether to a new wallet for staking.
Moreover, the Royal Government of Bhutan recently staked 320 ETH on Figment, a leading institutional staking platform, after selecting Ethereum for anchoring its national digital identity system.
These movements highlight the increasing institutional engagement with Ethereum. The SEC acknowledged Nasdaq's proposal allowing staking for BlackRock's spot Ethereum exchange-traded fund. If approved, BlackRock could participate in Ethereum's proof-of-stake consensus using ETF funds, passing staking rewards to shareholders as income for the trust. Spot Ethereum ETFs have generated $9.4 billion in net inflows since their debut, with BlackRock contributing $9.5 billion.
The Ethereum Foundation has also made a significant shift towards DeFi by investing 45,000 ETH, worth approximately $120 million, into Aave, Spark, and Compound. This move aims to strengthen the ecosystem and reduce selling pressure on Ethereum's price.
Overall, the Ethereum market in late 2025 reflects a maturing ecosystem where whale activity and staking innovation coexist with heightened volatility. While large on-chain movements pose risks, they also create opportunities for investors.
