An early investor from the 2014 Ethereum initial coin offering has moved funds from a long-dormant wallet for the first time in about a decade, shifting tens of thousands of ETH now worth over $100 million. The on-chain move has drawn intense attention because it highlights just how large the gains of ICO-era “whales” have become and raises questions about what comes next for those funds.
Dormant ICO wallet reactivates
Blockchain analytics trackers report that an Ethereum ICO address labeled 0x2dCA, inactive since the network’s launch era, suddenly became active at the end of November 2025. On November 29–30, the wallet sent a small amount of ETH and then moved essentially its entire balance, marking its first on-chain activity in more than 10 years.
From $12,400 to nine-figure fortune
According to multiple on-chain analyses, the wallet originally purchased 40,000 ETH during the 2015 ICO for roughly $12,400 in total. At current market levels, that stash is valued at around $119 million, implying a gain of about 9,600 times the initial investment and illustrating the extreme upside early participants captured by holding through multiple market cycles.
Test transaction sparks speculation
Before moving the full amount, the address first sent 5 ETH—worth around $15,000—to a fresh wallet, a pattern often interpreted as a “test” transaction to confirm control of the keys and destination. Shortly afterward, the remaining 39,995 ETH was transferred to another new address rather than directly to a centralized exchange, leaving analysts uncertain whether the holder plans to sell, stake, or simply consolidate their position.
Part of a wider whale awakening
This is not an isolated case: several ICO-era Ethereum whales have reappeared in 2025, with some moving large holdings to staking contracts and others gradually taking profits on the open market. One early participant, for example, recently shifted 150,000 ETH—worth hundreds of millions of dollars—into staking, while another has been selling tranches totaling about $60 million, underscoring how original backers are beginning to actively manage their enormous paper gains.
Implications for the ETH market
Market observers note that these revived wallets add a new variable to Ethereum’s supply dynamics, since any large-scale sale could increase short-term selling pressure even as other top holders continue to accumulate. At the same time, the fact that some long-term investors are choosing to stake rather than fully exit is being read by many as a sign of ongoing confidence in Ethereum’s long-run role in the crypto ecosystem, despite periodic profit-taking.
