Ethereum has seen yet another long-dormant whale awaken, according to on-chain data from Lookonchain.

The wallet in question, 0x2dCA…, originates from an early Ethereum ICO. The original investment of $12,400 secured 40,000 ETH, which is now valued at roughly $119.5 million. After more than 10 years of inactivity, the wallet executed a test transfer of 5 ETH (~$15,000) to a new address. Shortly thereafter, the remaining 39,995 ETH was moved to a separate wallet (0x2602…).

A Pattern of ICO-Era Wallets Waking Up

This case follows a recent trend where long-dormant Ethereum wallets have been reactivating after more than a decade.

• On August 11, a wallet holding 20,000 ETH (initially $6,200) sold 2,300 ETH (~$9.91M).
• On August 13, another early investor who originally purchased 100,000 ETH for $31,000 had already sold 44,284 ETH ($105M) since 2021 and recently moved an additional 4,283 ETH ($18.97M).
• On August 16, a wallet with 334.7 ETH ($1.48M), bought for just $104, transferred all funds after more than 10 years of dormancy.

These movements suggest that Ethereum ICO-era holders are gradually reclaiming access to long-forgotten wallets.

Why Are These Wallets Moving Now?

Speculation around these reactivations typically includes:

1. Recovered Access – Owners may have found lost private keys or seed phrases, enabling them to regain control of wallets they had forgotten.
2. Reallocation or Consolidation – Some transfers may simply be moving funds to new wallets for security or strategic purposes.

The ultimate intentions of these whales remain unclear. Unless the funds are deposited onto a centralized exchange, it’s impossible to know if they plan to sell, stake, or hold off-chain.

Bottom Line:
The movement of ICO-era Ethereum wallets underscores the latent capital still in the ecosystem. Even after a decade of dormancy, early investors can significantly influence market dynamics if these funds are liquidated. For now, the community watches closely, as the next steps of these whales remain uncertain.