Long-term Ethereum (ETH) holders — particularly those who participated in the network’s 2015 Initial Coin Offering (ICO) — have begun moving funds again after years of inactivity. Recent on-chain data reveals that several early wallets, untouched for nearly a decade, are now showing renewed activity amid Ethereum’s consolidation around the $4,000 mark.
On-Chain Data Reveals Dormant Ether Awakening
According to analytics firm Santiment, September recorded two of the biggest spikes in long-term holder activity this year, measured by the “age consumed” metric on its Sanbase platform. The metric calculates the total amount of ETH changing addresses multiplied by the time since it last moved — meaning a spike indicates older coins being transferred.
In September, age-consumed values surged to 502 million around September 6 and 603 million at month’s end — the highest levels since July’s peak of 804 million. Such large movements suggest that Ethereum’s early holders, often referred to as ICO-era whales, are once again becoming active.
Ethereum ICO Whale Moves $6 Million in ETH to Kraken
Among the most notable cases, blockchain data shows that a wallet holding 20,000 ETH from Ethereum’s genesis distribution transferred 1,500 ETH (worth roughly $6 million) to Kraken on October 27, 2025.
The wallet had remained untouched for eight years, making this its first transaction since 2015. At the time of purchase, the total 20,000 ETH cost just over $6,000. Today, that same amount is valued at more than $78 million — a return of over 12,900x on the original investment.
Such activity from early holders often captures market attention, as it can signal portfolio rebalancing, profit-taking, or renewed participation in the ecosystem.
More Early Ethereum Participants Show Activity
This wallet wasn’t alone. Two other Ethereum ICO participants also made moves in August and September, signaling a broader awakening among long-term holders.
One early investor, who received a staggering 1 million ETH across three wallets (200,000, 300,000, and 500,000 ETH respectively) during Ethereum’s genesis days, transferred 150,000 ETH to a new wallet for staking purposes.
At the time of purchase, this participant spent just $310,000 to acquire the tokens — now valued at over $3.9 billion at current market prices.
Meanwhile, a smaller holder who originally purchased 158 ETH for just $49 performed their first on-chain action in a decade, sending 0.001 ETH as a test transaction in August. Although modest, it adds to the trend of early Ethereum investors re-engaging with their dormant holdings.
Why Are Early Holders Becoming Active Again?
Analysts suggest several possible explanations for the surge in ICO-era wallet activity. One theory is that as Ethereum’s price stabilizes near $4,000 — close to its all-time high — long-term holders may be diversifying portfolios or testing exchange connections after years of inactivity.
Others speculate that these moves could be related to staking, layer-2 migration, or institutional-grade custody transfers, particularly as Ethereum continues evolving toward a more scalable and efficient ecosystem.
The activity also coincides with rising attention toward Ethereum’s upcoming Fusaka upgrade in December 2025, which aims to improve scalability and network efficiency — potentially renewing confidence among early investors.
Historical Context: Dormant Wallets as Market Indicators
Historically, similar awakenings of long-dormant addresses have sometimes preceded major market cycles or shifts in investor sentiment. While not always predictive of price moves, the reactivation of old wallets reflects the long-term resilience of the Ethereum ecosystem and the continued trust in its technological foundations.
Despite occasional sell-offs, Ethereum remains the leading platform for decentralized finance (DeFi), tokenization, and stablecoins, commanding over 60% of total DeFi value locked (TVL) across the industry.
Ethereum’s Long-Term Outlook
As Ethereum prepares for its next phase of growth, the renewed activity from early investors underscores the network’s enduring appeal. Many of these early participants were foundational supporters of Ethereum’s vision — and their reappearance highlights both confidence in the blockchain’s evolution and a potential readiness to re-engage with its ecosystem.
If market stability persists and staking demand continues to grow, Ethereum could be entering a new accumulation phase driven by long-term holders rather than short-term speculation.
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