Crypto whales are starting to wake up: An account inactive since 2017 transfers 110.000 ETH, and here's what we know

An Ethereum whale has reactivated its wallet after 9 years of inactivity, transferring 110.283 ETH valued at $174 million to an exchange address.

Crypto ecosystem analysts detected a new whale awakening after a massive capital movement that broke nearly a decade of complete silence. An Ethereum entity transferred 110.283 ETH to an exchange address in the last 24 hours, after remaining inactive for approximately nine years. 

The transaction has an estimated market value of $174 million and has generated immediate discussions among analysts and traders about the destination of the funds and the behavior of long-term holders in the current market cycle.

According to data revealed by the analytics firm Arkham Intelligence, the digital wallet executed the transfer in three separate transactions: two of 25.000 ETH each and a third of 60.283 ETH, just a few hours apart. Experts point out that these types of transactions to exchange addresses often indicate preparation for a sale or a liquidity management strategy by investors who have accumulated substantial profits over the years. 

On the other hand, the magnitude of the figure involved in the transaction highlights the Ethereum network's ability to process large volumes of value efficiently and transparently. On-chain data shows that these operations accumulate only $0,52 in commission fees, something quite remarkable, considering the high fees that users experienced on the network a few years ago. 

The million-dollar footprint of an old ETH wallet

A detailed analysis of this whale's on-chain history offers a clear perspective on Ethereum's price evolution and the profitability achieved by early adopters of the technology. Information provided by Arkham indicates that the address had been inactive since 2017. At that time, the owner withdrew approximately 135.000 ETH from the Bitfinex platform. The financial context of that era was radically different from today, as the asset was trading near $90 per unit, and the total value of holdings at that time was around $12,17 million.

Nine years later, the scenario has changed drastically. The price of ETH on the market has multiplied significantly, exponentially increasing the value of these assets. Even after having moved the aforementioned 110.283 ETH, the whale's wallet still holds a considerable balance of approximately 25.000 ETH. This remaining reserve has a market value exceeding $72 million, based on the current price of Ethereum. 

On the other hand, according to experts analyzing this whale awakening, such as blockchain analytics provider EmberCN, the entity's decision to move the funds at this specific moment could be due to multiple factors ranging from profit-taking to restructuring investment portfolios. 

EmberCN and other market observers use tracking tools like Arkham Intelligence to monitor these historical addresses, as their movements often precede changes in supply and demand dynamics. Leveraging the inherent transparency of the public ledger, any participant can verify these transactions and gain a deeper understanding of the capital flows shaping the digital economy.

Early whales return to the crypto market

The awakening of this Ethereum whale occurs in a context where other old cryptocurrency addresses have also begun to show signs of activity after long periods of hibernation. 

A similar situation was reported on the Bitcoin network last week, where a wallet that had been inactive for over 13 years transferred its funds. According to on-chain records, that address moved approximately 909 BTC, valued at around $84 million, to a new, unknown address.

The timing of these two events suggests that early cryptocurrency investors are choosing to re-engage with the market. In the case of the Bitcoin whale, the assets were accumulated between December 2012 and April 2013, when the price of the leading cryptocurrency fluctuated between $13 and $250. 

Analysts point out that these market participants have witnessed complete bull and bear cycles, maintaining their positions intact so far. 

Ethereum and Bitcoin retreat slightly amid signs of selling pressure

Major cryptocurrencies experienced a slight pullback following these significant capital movements in the market. According to the data, the price of ETH continued its downward trend, falling 2,8% in the last 24 hours to $2.900. This correction reflects the market's reaction to the expectation that approximately 110.000 ETH may be added to exchanges' sell order books. 

Bitcoin has also shown a moderate correction in recent hours, falling 1,43% to $87.611. Although the transfer of funds by a large cryptocurrency holder represents an isolated technical event, general sentiment often links these types of transactions with a potential increase in selling pressure in the market. Analysts are closely watching to see if the transferred assets will be liquidated in the short term or if—in the case of the 110.000 ETH—they will remain in the exchange address as collateral for staking or collateralized loans.

Amid this scenario, the market maintains relative stability, which demonstrates the greater maturity reached by the crypto infrastructure in 2026. In earlier stages, transactions of this type would have generated a more pronounced correction in the price of crypto assets.