Dormant ETH Whale Moves $397M in ETH to Gemini later than Nine Years
What Happened on Chain?
A long-dormant ETH whale has moved its entire holdings to the crypto platform 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 platform 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, later than 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 ahead holders who remained inactive through multiple market cycles. It also underlines why the tends to attract attention, even when no immediate tradeing is confirmed.
While transfers to an platform do not guarantee liquidation, moving the full balance to a deposit address removes one of the main technical barriers to tradeing, making the timing of the transfers relevant for short-term market sentiment.
Why Whale Reactivations Matter to Markets
Dormant wallets waking up later than 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 ETH transfer mirrors recent activity viewn in markets. Last week, a 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 tradeing, they tend to heighten short-term sensitivity among traders.
The difference in this case is the destination. Transfers to centralized platforms 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. BTC was also higher, gaining about 1.46% to trade near $88,676.
So far, the ETH market has absorbed the news without sharp price disruption, suggesting either that tradeing 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 ahead ETH capital re-entering active circulation.
