After 8 years of dormancy, activity has been spotted by Lookonchain from an Ethereum ICO wallet holding 20,000 ETH.
Blockchain analytics platform Lookonchain has spotlighted a dormant whale from the Ethereum ETH $2 076 24h volatility: 1.3% Market cap: $250.65 B Vol. 24h: $10.97 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.
Ethereum Outranks Bitcoin in Institutional Accumulation
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 $70 656 24h volatility: 0.7% Market cap: $1.41 T Vol. 24h: $28.01 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.
Price Prediction For Ethereum
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.
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