A dormant wallet from Ethereum’s ICO era has moved 10,000 ETH, valued at about $22.88 million at the time cited in the report. On-chain tracker Lookonchain said on X that address 0xCD59 transferred its entire balance to a new wallet after almost 10 years without activity.
Etherscan data cited in the source shows the wallet received the coins on July 30, 2015, the same date as Ethereum’s ICO event. The report says the original position was built with roughly $3,100. At current valuation in the article, that holding had grown to $22.88 million, a return of about 7,381x.
Why traders track old-wallet activity
Moves from long-inactive wallets tend to attract close attention because they can signal a change in intent from early holders. The source lists several common explanations: funds may be headed to an exchange for a sale, shifted into an over-the-counter deal with an institution or fund, migrated to a newer and safer wallet setup, or moved for use across other blockchain networks.
That does not mean a sale has already happened. What is confirmed on-chain is the transfer from the old address to a fresh one. No direct exchange deposit was cited in the material. Even so, large holders can affect available supply if they decide to sell, and that can matter for price in thinner market conditions.
Institutional accumulation and other on-chain moves add context
The whale transfer came alongside other notable activity around ETH. According to the source, Bitmine, linked to Tom Lee’s firm Fundstrat, bought 45,000 ETH worth $103.5 million through FalconX and BitGo. Lookonchain data in the same report also said Vitalik Buterin sold some freely received meme tokens, taking in 114,566 USDC and 2.16 ETH, with the ETH portion valued at roughly $5,000.
These transactions landed as ETH trading stayed active. The article placed ETH at $2,338.48, up 2.50% on the day, with a market capitalization of about $282.18 billion and $15.73 billion in 24-hour volume.
$2,500 remains the near-term level in focus
The source says a break above and hold over the $2,450 to $2,500 resistance area could open the way toward $2,800 to $3,200 in the near term. If institutional inflows remain strong, the report points to a broader $3,000 to $4,500 range, with a more bullish later scenario mentioning $3,500+.
On the downside, failure to stay above $2,300 could expose ETH to a move back toward $2,000. A macro shock or a shift in sentiment could push it into the $1,800 to $1,900 area, while the worst-case downside in the source was placed near $1,200. As for the widely cited $60,000 target associated with Tom Lee, the article itself says that call is a long-term view and that no near-term data supports that level yet.
For now, the transfer from 0xCD59 stands as a closely watched on-chain event rather than proof of immediate selling. A full-balance move from a decade-old wallet, a fresh receiving address, institutional ETH buying, and daily trading volume above $15 billion all point to elevated activity around the asset. The next clear test remains whether ETH can reclaim and hold $2,500.