Ethereum ICO-Era Whale Cashes Out $31M in ETH After Holding for 10 Years ⋆ ZyCrypto

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Ethereum (ETH) has experienced notable price swings, with a drop of more than 5.3% over the past week. During this period of volatility, a long-dormant Ethereum whale who participated in the network’s initial coin offering in 2014 has just woken from dormancy after a decade of silence.

On-chain data flagged over 15,000 ETH, worth nearly $31 million, moving from a wallet tied to the ICO into Coinbase on Monday.

Ether ICO Whale Stirs

On-chain analytics firm The Data Nerd reported that a wallet tagged “0xa2F…F85A,” recognized as an Ethereum OG, offloaded 15,002 ETH—approximately $30.97 million—through Coinbase.

This ICO participant originally purchased around 17,400 ETH at an average price of $11.60, gradually accumulating the tokens through Poloniex over time.

Data resource Lookonchain, citing Arkham Research data, further revealed that the investor initially acquired 172,700 ETH about ten years ago, when the tokens were worth roughly $2.2 million—around $12.83 per ETH. At today’s prices, that holding would be valued at approximately $353 million.

This information has sparked speculation that the whale dumped the entire 15,000 ETH on Coinbase. Many watchers believe the whale wouldn’t have emerged from dormancy without a plan to sell.

According to Arkham Research labeling, the wallet still retains 14,814 ETH after the latest transaction, suggesting a strategic partial exit rather than a complete liquidation.

Ethereum’s recent price swings may have prompted the whale’s move, as the top altcoin has remained unstable throughout 2026. Over the past 24 hours, Ethereum has ranged from a low of $2,030 to a high of $2,186. The world’s second-largest cryptocurrency was trading at $2,183 as of press time, reflecting a 4.9% gain on the day.

Ether and other cryptocurrencies rallied Monday morning after U.S. President Donald Trump announced he would pause planned military strikes on Iran’s power and energy infrastructure following productive conversations aimed at de‑escalation. But, ETH is still trading 55.9% below its all-time high of roughly $4,946, which it reached in August 2025, according to CoinGecko.

Meanwhile, another whale offloaded 5,000 ETH—approximately $10.3 million at around $2,063 per token—on Monday to cover part of an outstanding loan, blockchain data shows. Despite the sale, the whale still holds about 126,000 ETH, valued at around $256 million, on Aave, with roughly $122 million in outstanding loans.