On-chain data revealed that four long-dormant Ethereum wallets became active after eight years of silence, selling a substantial portion of their holdings. According to blockchain analytics platform Lookonchain, the wallets moved 33,623 ETH within a four-hour window, netting roughly $52.46 million at an average price of $1,560 per token. The original acquisition took place in 2018, when the investors bought 37,602 ETH at around $830 each, a total cost of approximately $31.16 million. After holding through the historic bull runs of 2021 and 2025—where unrealized gains topped $150 million—the whales chose to realize an estimated profit of $27.4 million now, despite Ethereum trading far below its all-time highs.
The sell-off unfolded against a challenging market backdrop. Bitcoin hit a yearly low of $58,126, wiping out about $150 billion in market value, while Ethereum itself dipped near $1,510, shedding $31 billion in market capitalization. Analyst Joao Wedson noted that Ethereum’s current bear market has extended to 282 days, making it the second-longest in the asset’s history—surpassed only by the 335-day downturn in 2018. Drawing on historical recovery patterns, Wedson projected that if the current cycle follows its predecessors, Ethereum might not reach a new all-time high until around June 2029.
Contrasting with the whale exits, institutional accumulation continued. A freshly created wallet received 18,361 ETH (worth $28.91 million) from FalconX, along with 152,986 HYPE tokens. F2Pool co-founder Chun Wang added another 9,937 ETH (~$15.5 million) and 147 wrapped Bitcoin (~$8.74 million), extending a month-long buying spree that saw him withdraw 86,998 ETH from Binance at an average of $1,749. Additionally, SharpLink bolstered its treasury with a 5,000 ETH purchase valued at about $7.88 million. This divergence highlights a market at a crossroads, where early believers cash out while institutions lay foundations for a recovery that may still be years away.
