An early Ethereum investor sold 3,000 ETH for approximately $7.23 million on Friday, locking in a 128x return after acquiring the tokens nine years ago for just $18.83 each, according to on-chain analyst Lookonchain. The sale was flagged on X and marks one of several recent profit-taking moves by some of Ethereum’s oldest wallets.
The transaction comes amid a broader pattern of dormant Ethereum addresses reawakening. Lookonchain noted that an unknown investor moved 6,369 ETH—worth roughly $16 million—to Kraken after accumulating the stash at $14 per token. Another Ethereum ICO participant transferred 13,330 ETH worth over $36 million to Coinbase during October; that wallet originally obtained 170,000 ETH in the 2015 ICO at $0.31 per token. In August, an ICO investor sent 2,000 ETH to Coinbase, a position worth $3.77 million that had been purchased for just $622, representing a gain of more than 6,000x.
Ethereum’s price has been volatile around these moves, climbing from under $2,000 to $2,800 before pulling back to $2,300 during the latest market-wide correction. As of press time, ETH had recovered to about $2,400. While large whale sales can raise concerns about short-term distribution, the transactions also highlight the enormous long-term returns generated by Ethereum’s earliest backers.
