Ethereum Sees Major Influx as Dormant Whale Moves $1.19 Billion After Ten Years

A significant event has sent ripples through the Ethereum market as a long-dormant "whale" wallet, inactive for nearly a decade, has moved a staggering $1.19 billion. This reappearance of early-era capital has ignited speculation about potential sophisticated investment flowing into Ethereum in the near future.

Key Takeaways

• A dormant Ethereum whale has moved $1.19 billion worth of assets after ten years of inactivity.

• The whale deposited 10 million USDC into HyperLiquid and opened a 5x leveraged long position on 15,000 ETH.

• This activity coincides with aggressive accumulation by BitMine Immersion Technologies, which is rapidly expanding its ETH holdings.

• Upcoming events like the Fusaka upgrade and institutional ETF inflows are key factors for Ethereum's December trajectory.

The Whale's Re-emergence

On-chain trackers observed the dormant wallet depositing 10 million USDC into HyperLiquid. Shortly after, the whale initiated a 5x leveraged long position on 15,000 ETH, a move valued at approximately $44.15 million. The return of such an early investor after such a prolonged period of dormancy is being closely watched by market analysts.

Corporate Accumulation and Market Dynamics

The whale's activity occurs amidst a notable buying spree by BitMine Immersion Technologies (BMNR). BMNR has established itself as the largest corporate ETH treasury, continuously accumulating ETH despite recent price fluctuations. Their ongoing purchases, totaling hundreds of millions of dollars, are pushing their holdings towards 3% of the total ETH supply. Analysts suggest that such substantial treasury inflows can provide support during market downturns and signal institutional confidence, although they also raise concerns about market power concentration.

Future Outlook for Ethereum

BitMine has publicly stated a long-term accumulation strategy, aiming for a significant portion of the ETH supply and planning to launch staking infrastructure in 2026. Meanwhile, Ethereum's broader outlook is influenced by several factors. The upcoming Fusaka upgrade, scheduled for December 3, is expected to enhance blob capacity, potentially leading to lower Layer 2 fees and increased transaction speeds. However, concerns about rising staking centralization and the potential impact of issuance adjustments on solo validator profitability remain.

Ethereum's trajectory in December will likely depend on the successful rollout of the Fusaka upgrade, the momentum of ETF inflows, and the ability of institutional accumulation to offset potential retail panic selling around the $2,700 support level. The return of significant whale activity and expanding corporate treasuries could bolster liquidity, but a breakdown in key support levels might trigger accelerated liquidations.

Sources

• Old Ethereum Whale Moves $1.19 Billion After A Decade—Here’s Why It’s A Big Deal ⋆ ZyCrypto, ZyCrypto.

• Old Ethereum Whale Moves $1.19 Billion After A Decade—Here’s Why It’s A Big Deal — TradingView News, TradingView.