Two long-dormant Ethereum wallets suddenly became active on June 6, 2026, moving a combined total of over 90,000 ETH worth approximately $139 million. The movements have caught the attention of traders and on-chain analysts, sparking speculation about potential sell-offs and market sentiment.
Wallet 0x293's $17.7 Million Sale
The first wallet, identified by the prefix 0x293, sold all 10,000 ETH it had held for more than three years. On-chain analytics platform Onchain Lens flagged the transaction. At the time, ETH was trading near $1,772, giving the sale a value of around $17.72 million. The wallet had accumulated its ETH before going silent in early 2021, when prices were significantly lower. Although the exact purchase price is unknown, the sale likely unlocked substantial profits.
Joseph Lubin-Linked Wallet Moves $121 Million
Shortly after, blockchain analytics firm Lookonchain reported that a wallet linked to Ethereum co-founder Joseph Lubin moved 80,001 ETH—worth about $121.6 million—after over three years of inactivity. The wallet still holds 243,300 ETH (approximately $370 million). The transfer has fueled debate: is Lubin rebalancing collateral or preparing to sell? The move comes as Ethereum faces heavy price pressure, with analysts warning that critical support levels are weakening.
Market Context and Implications
Large transactions from dormant whales often draw scrutiny because they can signal shifting sentiment among major holders. While a $17.7 million sale is minor relative to Ethereum’s $10+ billion daily trading volume, the reactivation of two whales—especially one tied to a co-founder—adds to the narrative of profit-taking during this market cycle. Traders remain cautious, noting that such actions can precede broader movements, though they are not definitive market signals.
