Ethereum Whale Awakens After 3 Years – Stakes $646M in ETH

The combined transfers totaled around $646 million, making it one of the largest whale activations of the year. Roughly 150,000 ETH was committed to staking, suggesting that these long-term holders aren’t rushing to cash out but rather positioning for ongoing yield as Ethereum’s proof-of-stake model matures.

A Pattern of Awakening Whales

This isn’t an isolated event. Several other ICO-era wallets have stirred in recent weeks. In August, one early holder offloaded $19 million in ETH through Kraken and followed up with further sales days later. Another historic account shifted 2,300 ETH to the same exchange not long after. Each of these moves has fueled speculation that Ethereum’s old guard is testing the waters again as sentiment around the asset strengthens.

From $0.31 to Thousands

When Ethereum’s ICO ran in mid-2014, just over 60 million ETH was sold for $18.3 million total, pricing each token at roughly $0.31. For those who held through eight years of volatility, last week’s transactions represent mind-bending returns and a level of influence that can still move headlines nearly a decade later.

What It Means Now

The decision by early whales to stake rather than liquidate may be seen as a vote of confidence in Ethereum’s long-term outlook. At the same time, their sudden reactivation keeps traders on edge, since any move of this size can ripple through markets. With more of these dormant wallets waking up, ETH’s supply dynamics could become a major storyline for the rest of 2025.

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