Two Ethereum (ETH) wallets that had been dormant for over eight years have become active, moving a combined 200,000 ETH, worth approximately $785 million, into newly created addresses. Blockchain data shared by the analytics account Lookonchain, indicates these addresses were originally funded via Bitfinex, linking the activity to early Ethereum participants.
The same entity now holds 736,316 ETH (around $2.89 billion) distributed across eight wallets, raising questions around the motives behind such a substantial transfer; the largest moves came from 0xbF3 and 0x057. Movements of this scale from long-dormant wallets are rare and tend to draw heightened market attention due to the potential impact on liquidity and investor sentiment.
Two wallets that have been dormant for over 8 years just woke up and moved 200K $ETH($785M) to 2 new addresses.
This Ethereum OG originally sourced their $ETH primarily from #Bitfinex, currently holds a total of 736,316 $ETH($2.89B) across 8 wallets.
Wallets:… pic.twitter.com/wVFzXZcL0o
— Lookonchain (@lookonchain) September 26, 2025
While it doesn’t confirm any selling intention, it does suggest potential custody restructuring, institutional onboarding, or updates to security practices. With ETH currently trading at $3,942 according to CoinMarketCap, any signs of distribution from early holders could quickly alter short-term price dynamics.
Ethereum cofounder shifts Millions
Before the sleeping whales grab headlines, Ethereum co-founder Jeffrey Wilcke quietly transferred 1,500 ETH (worth approximately $6 million) to Kraken on Thursday, as reported by Lookonchain. The transaction occurred while ETH was slipping from $4,000 to $3,900, triggering speculation about potential distribution.
Despite the small size move compared to whale flows, the timing drew attention. On-chain data suggests Wilcke still holds hundreds of millions in ETH across various wallets, positioning him among the most influential individual holders since Ethereum’s early days.
Whale activity can boosts tokens
Early this week, decentralized derivatives platform Aster has seen significant whale movement surrounding its ASTERtoken. The asset is now trading up to 50% in 24 hours, with a $1.52B market cap and $698M in daily trading volume.
These transfers suggest continued whale presence without signs of large-scale dumping, possibly pointing to early accumulation strategies post-launch. The pattern stands in contrast to typical post-token-launch behavior, where large holders rapidly offload positions.
In contrast, this week’s whale activity hid the co-founder’s move. The billions moved, raised larger questions about strategic custody changes or upcoming institutional use.
Also read: Whales Eye Plasma’s XPL Token A Day After Its Launch