On-chain data from Lookonchain reveals that an Ethereum ICO-era wallet, labeled “0xd64A…7ED7,” shifted a large portion of its holdings. The address transferred 18,500 ETH (worth about $38.1 million) to another wallet and then gradually sold 11,552 ETH for around $23.4 million, at an average price of approximately $2,027.
Historical records show the wallet acquired 38,800 ETH during Ethereum's initial token sale nearly a decade ago, spending only about $12,000 — a cost basis of roughly $0.31 per token. At current prices, the remaining balance still holds substantial unrealized gains; the total stash once peaked near $80 million.
Multiple Dormant Wallets Wake Up: Coordinated Selling Among Early Adopters
This transaction is not isolated. Earlier this week, another early Ethereum wallet moved and sold 15,002 ETH, valued at about $31 million. A pattern emerges as several long-dormant wallets reactivate, signaling that early participants are systematically trimming exposure. These wallets have remained inactive for years, having survived multiple boom-and-bust cycles.
Ethereum currently trades near $2,058, down 2.6% in the past 24 hours and still more than 50% below its August 2025 all-time high of roughly $4,900. By splitting transactions instead of dumping all at once, these holders aim to minimize market disruption — a measured exit strategy rather than a panic liquidation.
On-chain analysts note that continued selling by early backers could weigh on short-term sentiment. Traders often monitor such wallets closely, as their moves may indicate a broader shift in long-term holder behavior.