Ethereum ICO Wallet Awakens After Decade-Long Slumber, Moves 40,000 ETH Into Staking

A wallet from Ethereum's 2015 initial coin offering just stirred—and it's making moves that could ripple through the entire network.

The Ghost from Genesis

After ten years of absolute dormancy, an original ICO participant transferred a massive 40,000 ETH stake. That's not just a forgotten savings account; it's a digital time capsule from crypto's primordial era suddenly cracking open.

Staking, Not Selling

The key detail? The funds moved toward staking, not an exchange. This suggests a holder playing the long game—committing to Ethereum's proof-of-stake future rather than cashing out. It’s a bullish signal wrapped in a historical artifact, showing conviction in the network's ongoing utility.

The Market's Whisper

While a single wallet doesn't dictate price, its awakening sends a psychological tremor. It reminds the market of the vast, patient capital sitting on the sidelines—capital that survived multiple boom-bust cycles and regulatory scuffles. For every paper-handed trader, there's a counterpart who simply… waited.

In a finance world obsessed with quarterly reports, a ten-year hold is either genius-level patience or a spectacularly forgotten password. Either way, it just logged back in.

With a total of 40,000 ETH, worth approximately $120 million, the owner launched 1,250 validators, locking their ETH in the Ethereum proof-of-stake network. Such a move is a display of their commitment, as there’s no likelihood of selling the ETH on any exchange.

This MOVE is particularly noteworthy as some large ETH holders lately sent large sums to Kraken, causing concern over sell pressure.

Whale Sends 10,176 Ethereum To Kraken

In a further move, a large Ethereum investor transferred 10,176 ETH (valued at approximately $28.7 million) to Kraken, shutting down a large stETH position.

Tracked for approximately five years, this wallet, coded ‘Token Millionaire,’ redeemed its staked ETH for regular ETH before sending two large deposits to the exchange. This wallet also withdrew over 21,000 ETH in 2019, which they have been slowly exchanging back towards the exchanges over the years.

This recent acquisition represents a totally different dynamic with regard to the amount of the older portfolio that is being entered back into circulation.

Ethereum Breaks Major Resistance Zones

Ethereum’s price was showing increasing strength as it broke through two strong resistance levels. Firstly, this was seen when ETH broke through the resistance zone of $3,000-$3,100, and more significantly, as it broke through the resistance zone of $3,600-$3,700.

Charts indicate that ETH established a strong base at approximately $2,650, where buyers supported the ETH throughout. After the breach through the top regions, the candles began moving higher with minimal pause, indicating that the ETH received a strong push in the market.

Analyst Gordon pointed out that Ethereum has broken through the last major resistance points on the daily chart. Now that those resistance points are behind ETH, the path is open ahead, though a cooling off or brief retracement might occur after such a rapid move.