In a stunning move that has captured the attention of the global cryptocurrency community, a long-dormant Ethereum whale has awoken, depositing a colossal $145 million in ETH to the Gemini exchange. This significant transaction, involving 50,000 Ether from an address inactive for nearly a decade, occurred approximately 12 hours ago, according to data from blockchain analytics firm AmberCN.
The transaction originated from an address that received its initial Ether allocation over nine years ago, placing its owner among the earliest participants in the Ethereum network. Following this substantial transfer, the address retains a formidable balance of 85,000 ETH, currently valued at approximately $244 million. Consequently, the total holdings associated with this entity exceed $389 million.
In cryptocurrency markets, transfers from private wallets to centralized exchanges like Gemini are commonly interpreted as preparatory steps for selling, as exchanges provide the necessary liquidity to convert digital assets into fiat currency or other cryptocurrencies. However, alternative explanations exist, including the use of exchange custody services or engagement with institutional lending products.
This event coincides with a broader market shakeout. On March 21, 2025, a staggering $478 million wave of forced liquidations swept through cryptocurrency perpetual futures markets globally, ruthlessly targeting bullish traders. The 24-hour liquidation storm centered on three major assets: Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Data from major derivatives exchanges shows a clear and brutal pattern. Bitcoin saw $196 million in total liquidations, with long positions constituting 93.88% of that figure. Ethereum experienced $219 million in liquidations, with longs making up 92.9%. Solana’s $63.04 million in liquidations were almost entirely long-driven at 96.6%.
The whale's deposit and the liquidation event together highlight extreme market volatility and the influence of large holders. Market observers now closely monitor whether the whale's move signals a major sell-off or a strategic portfolio reallocation by one of the network’s earliest and most patient investors, against a backdrop of forcibly de-leveraged markets.
