Two long-dormant Ethereum wallets recently sprang to life, transferring a staggering 200,000 ETH, valued at over $785 million at the time, to two new addresses. The wallets, inactive since 2018, are believed to belong to an early Bitfinex investor, often referred to as an Ethereum OG.
Analysts from Lookonchain report that this individual still controls more than 736,000 ETH (roughly $2.89 billion) across eight wallets, highlighting the continued influence of early adopters on the Ethereum network.
Interestingly, social media commentators have interpreted these movements not as sell-offs but as strategic maneuvers. A prominent X (formerly Twitter) user, FOMOmeter, explained:
“Sleeping whales don’t move to sell—they move to intimidate. These transfers create fear among retail traders, opening cheaper accumulation opportunities for serious investors.”
Data from Lookonchain also shows a rising interest from institutional players in Ethereum. Over the past three days, 16 wallets received more than 431,000 ETH (over $1.7 billion) from major crypto platforms such as Kraken, Galaxy Digital, BitGo, FalconX, and OKX.
This latest movement echoes previous activity, including a notable transaction where a whale transferred 11,104 ETH after nearly eight years of inactivity. Experts suggest that these dormant wallets may signal a potential market shake-up or strategic positioning ahead of future price rallies.
For retail investors and enthusiasts, tracking these “sleeping whales” has become a key indicator for market sentiment, providing insights into where Ethereum’s biggest players are moving—and possibly hinting at the next wave of accumulation.
