After 8 years of dormancy, activity has been spotted by Lookonchain from an Ethereum ICO wallet holding 20,000 ETH.
By Parth Dubey
Editor Hamza Tariq
Updated
2 mins read
Blockchain analytics platform Lookonchain has spotlighted a dormant whale from the Ethereum ETH $4 015 24h volatility: 2.6% Market cap: $484.38 B Vol. 24h: $34.61 B Initial Coin Offering (ICO), which suddenly became active.
According to an X post shared by the platform, the wallet has been lying dormant for almost 8 years with 20,000 ETH sitting in it. The stash was acquired at approximately $6,200 at the time.
On October 29, Lookonchain reported that an Ethereum ICO participant had reactivated a wallet after 8 years of dormancy.
It was spotted depositing 1,500 ETH, which is equivalent to $6 million, into the Kraken cryptocurrency exchange. This is the first time that this whale is making a transfer after it received 20,000 ETH from the ICO.
An #Ethereum ICO participant just woke up after nearly 8 years of dormancy, depositing 1,500 $ETH($6M) to #Kraken for the first time.
This OG (0x3690) received 20,000 $ETH at genesis, with a purchase cost of $6.2K, now worth $80.42M — a 12,971x return.https://t.co/zf7x45sZN5… pic.twitter.com/tHm6iVxQd2
— Lookonchain (@lookonchain) October 29, 2025
At the time, these bulk holdings were purchased for around $6,200. Currently, Ethereum is trading at $4,019.11 with a 2.62% dip within the last 24 hours.
The stash is worth approximately $80.48 million, which means that the whale has recorded a 12,971x return by HODLing Ethereum for 8 years. The reason for the sudden activity is still unknown.
Coincidentally, ETH is exhibiting a strong rebound and attracting more investors, even more than the flagship crypto Bitcoin BTC $113 208 24h volatility: 1.1% Market cap: $2.26 T Vol. 24h: $67.16 B .
In the last few days, it has failed to break past the $4,250 resistance, but this has not stopped analysts from remaining optimistic that a rebound is near.
Ted Pillows, a popular market analyst, noted that Ethereum’s price action is a reflection of a “strong bounceback.” He claimed that this positive sentiment could send the Ethereum price into the $4,200-$4,300 range in the short term.
Back in mid-October, Pillows acknowledged that the bulls have been successful in reclaiming the $4,060 support level for ETH.
He explained that the asset was exhibiting a V-shaped recovery pattern at the time. This is regarded as a bullish signal that suggests strong market momentum.
The analyst went ahead to pick $4,250 as the next crucial resistance level for the coin. Pillows believe that a breakout above this level has the potential to place bulls back in control of Ethereum’s short-term trend.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
