Institutional wallets absorbed $1.7B worth of ETH in just three days
Two Ethereum wallets dormant since 2018 have suddenly reawakened, moving 200,000 ETH valued at over $785 million at the time. The funds were sent to two new addresses, according to blockchain analysts from Lookonchain.
Analysts suggest these wallets are tied to an early Ethereum investor, known as Ethereum-OG, who initially obtained much of his ETH through the Bitfinex exchange. In total, this whale still controls more than 736,000 ETH — approximately $2.89 billion spread across eight separate wallets.
The unexpected transfer sparked speculation across the crypto community. X (formerly Twitter) user FOMOmeter commented that such moves are not necessarily aimed at liquidations.
Lookonchain also highlighted an uptick in institutional activity around Ethereum. Over the past three days, more than 431,000 ETH — worth over $1.7 billion moved from platforms including Kraken, Galaxy Digital, BitGo, FalconX, and OKX into large wallets.
Earlier this year, another Ethereum whale moved 11,104 ETH after sitting dormant for eight years, a sign that long-term holders may be positioning themselves for future market shifts.
