An Ethereum whale who acquired 3,000 ETH nine years ago at under $19 per token sold the entire position on October 23, 2026, realizing a 128x return worth over $7.2 million. The transaction highlights a broader trend of early Ethereum holders liquidating long-dormant stashes as ETH trades near $2,400.
Early ETH Holders Liquidate Stashes
On-chain tracking platform Lookonchain reported that the unknown investor turned an initial purchase of roughly $56,000 into $7.23 million by selling 3,000 ETH acquired at $18.83 apiece. This sale follows several major transfers by ancient addresses throughout October 2026.
Earlier in October, another early holder deposited 6,369 ETH—worth approximately $16 million—to cryptocurrency exchange Kraken after originally accumulating the tokens at $14 each. Additionally, an Ethereum Initial Coin Offering (ICO) participant transferred 13,330 ETH (valued at well over $36 million) to Coinbase. That specific ICO participant originally obtained 170,000 ETH during the 2015 ICO at a price of $0.31 per token.
These movements follow an earlier transfer in August 2026, when an ICO investor moved 2,000 ETH valued at $3.77 million to Coinbase after buying the tokens 11 years prior for just $622, representing a return of more than 6,000x.
Key Takeaways
- An Ethereum OG liquidated 3,000 ETH bought nine years ago at $18.83 for $7.23 million, securing a 128x profit.
- Another early holder deposited 6,369 ETH ($16 million) to Kraken, having accumulated them at $14 per token.
- A 2015 ICO participant moved 13,330 ETH ($36 million) to Coinbase from a stash originally bought at $0.31 per token.
- In August 2026, a separate 2015 ICO address transferred 2,000 ETH ($3.77 million) to Coinbase after buying them for $622.
Market Context and Why It Matters
These multi-million dollar liquidations come during a critical period for Ethereum price action. After surging from under $2,000 to $2,800 over recent months, ETH retraced to $2,300 during a broader market pullback before climbing back to $2,400. Market participants remain cautious as resistance levels hold, similar to recent technical signals where an Ethereum rejection at $2.52K risks breakdown toward $2.2K support.
Why it matters
The sustained distribution of ETH by original network participants and ICO whales signals deliberate profit-taking at key resistance levels. While dormant wallet activations often spark short-term concerns regarding incoming market supply, these transfers effectively reallocate early tokens into modern exchange liquidity pools and institutional hands. Traders should watch whether continued whale deposits cap overhead market momentum or if current liquidity absorbs the selling pressure.
