Ethereum's Sleeping Giant Awakens: $120M Whale Stakes ETH After a Decade

An Ethereum "whale" wallet, dormant for over ten years and holding approximately $120 million worth of ETH, has become active. This early investor, who acquired 40,000 ETH during the 2014 ICO for a mere $12,000, has surprised the market by staking the entire sum rather than selling.

Key Takeaways

• A dormant Ethereum ICO wallet holding 40,000 ETH (~$120M) became active after more than a decade.

• Instead of selling, the owner began staking ETH and moved a small test amount to a new address.

• The event highlights long-term conviction and adds new discussion around whale behavior in the staking era.

A Decade-Long Dormancy Ends

Wallet 0x2dCA, a participant in Ethereum's initial coin offering (ICO) in 2014, has re-emerged after more than ten years of inactivity. The wallet's balance of 40,000 ETH is currently valued at around $120 million, representing a nearly 9,600x increase from its original acquisition cost of $12,400.

A Surprising Move: Staking Instead of Selling

Contrary to expectations that a dormant whale's return might signal a sell-off, the owner of wallet 0x2dCA made a different move. After an initial small test transaction of 5 ETH to a new address, the whale proceeded to stake the entire 40,000 ETH balance. This decision has shifted market sentiment from fear to curiosity, signaling strong long-term confidence in Ethereum's future, especially within the current proof-of-stake ecosystem.

Divergent Whale Behavior

This event occurs amidst a broader trend of activity among early Ethereum holders. While this particular whale chose staking, other ICO-era investors have recently opted to sell portions of their holdings. For instance, one whale who amassed 254,908 ETH began selling in late November, and another sent 18,000 ETH to an exchange, often interpreted as an intent to sell. Conversely, some larger wallets have also moved funds into staking, mirroring the recent activity of the 10-year dormant whale.

Market Implications

The decision by this long-dormant whale to stake its substantial ETH holdings could help alleviate concerns about potential market sell-offs from reactivated wallets. While a single wallet's actions rarely dictate market movements, this move sends a powerful signal of long-term conviction. The market will be watching to see if this trend of staking continues among other early holders or if selling pressure prevails.

Sources

• Ethereum Whale Awakens After 10 Years: $120M ICO Wallet Stakes 40,000 ETH, CryptoNinjas.

• OG Ethereum Whale Moves $120M Into Staking After Decade — Should Price Drop Fears Decrease?, CCN.com.

• Ethereum Whale Moves $120M to Staking After a Decade of Dormancy, CoinCentral.