A long-dormant Ethereum whale has moved its entire holdings to the crypto exchange Gemini, completing a series of transfers totaling 135,284 ETH, worth roughly $397 million at current prices.
Blockchain data shows the wallet transferred 85,283 ETH to a Gemini deposit address earlier today in two transactions, following an earlier transfer of 50,000 ETH earlier in the week. With those moves completed, the address no longer holds ether and is left with only small balances of various altcoins.
The wallet had remained inactive for close to nine years before the transfers began. Its sudden reactivation and full liquidation to an exchange has drawn attention due to both the size of the holdings and the length of time the assets were held without movement.
Investor Takeaway
How Profitable Was the Position?
On-chain data indicates the wallet accumulated its ether in 2017, when prices were close to $90 per ETH, after acquiring the tokens through Bitfinex. At today’s levels, the total gain on the holding is estimated at around $385 million.
The size of the profit highlights the scale of returns available to early Ethereum holders who remained inactive through multiple market cycles. It also underlines why the reactivation of early wallets tends to attract attention, even when no immediate selling is confirmed.
While transfers to an exchange do not guarantee liquidation, moving the full balance to a deposit address removes one of the main technical barriers to selling, making the timing of the transfers relevant for short-term market sentiment.
Why Whale Reactivations Matter to Markets
Dormant wallets waking up after many years often prompt speculation about intent. In some cases, such moves precede partial or full exits. In others, assets are repositioned for custody, lending, or structured trades rather than immediate spot sales.
This Ethereum transfer mirrors recent activity seen in bitcoin markets. Last week, a bitcoin wallet inactive for more than a decade moved roughly 909 BTC, worth about $84 million, to a new address. While not all such moves result in selling, they tend to heighten short-term sensitivity among traders.
The difference in this case is the destination. Transfers to centralized exchanges typically attract more scrutiny than wallet-to-wallet movements, particularly when the entire balance is involved.
Investor Takeaway
Where Does the Market Stand Now?
Ether was trading around $2,937 at the time of writing, up roughly 2.45% over the past 24 hours. Bitcoin was also higher, gaining about 1.46% to trade near $88,676.
So far, the Ethereum market has absorbed the news without sharp price disruption, suggesting either that selling has not yet materialized or that broader liquidity has offset any initial impact. Still, traders will be watching Gemini flows and order books closely for signs that the transferred ether is being distributed.
Whether this move represents a full exit, a staged sale, or a structural shift in custody, it stands as one of the larger examples this year of early Ethereum capital re-entering active circulation.
