thecoinrepublic.com
A long-dormant Ethereum whale has come back to life, shifting 16,636 ETH after remaining inactive for over eight years. The whale, who originally received the ETH in February 2016, has managed to transform an initial $8,706 investment into an eye-popping $38 million.
With a 44,600% return on their holdings, the whale’s move is now drawing significant attention from the crypto community. On September 15 at 7:25 PM (UTC), on-chain data recorded the whale’s first transaction in almost a decade.
The 16,636 ETH, initially received from ShapeShift in 2016, was moved through a series of three different addresses. Then it finally landed in a new wallet labeled “0x34…e0ba.”
Rather than simply holding onto the Ethereum stash, the whale began selling portions of it for stablecoins. This is a strategy often used by investors looking to lock in profits or hedge against volatility.
Per Arkham’s analysis, the whale converted most of the ETH into wrapped Ethereum (wETH), the wallet now holding 16,199 wETH. In a notable move, the whale sold 437.8 wETH in five transactions, converting it into $1.025 million worth of Tether (USDT).
This suggests the whale may be preparing for further market moves, or possibly diversifying away from Ethereum to secure profits in a stable asset. The whale didn’t stop there.
Data shows that they briefly purchased some Livepeer (LPT) tokens before reselling them, indicating that this whale may now be taking a more active role in trading after years of dormancy.
The whale’s staggering 44,600% return is a testament to the benefits of long-term holding in cryptocurrency markets. Back in February 2016, Ethereum was trading at just $5.23 per token. Today, with the price around $1,850, the whale’s initial investment of $8,706 has ballooned to over $38 million.
This type of massive return is rare. But it is not unheard of in crypto, where early adopters who hold through multiple bull and bear cycles can see exponential growth. The whale’s ability to navigate through the highs of the 2018 and 2021 bull markets, and the subsequent pullbacks, highlights the long-term potential for those who can stomach market volatility.
More Ethereum Whales Surfacing
This event is part of a larger trend where long-inactive Ethereum whales are beginning to reappear. In August, a nine-year dormant whale moved 48,500 ETH—worth $154 million—adding to the growing list of reawakened whales. Similarly, in July, another early investor moved $3.7 million worth of Ethereum from an ICO-era wallet.
These sudden movements have sparked speculation about whether these whales are cashing out after years of holding or positioning themselves for new market opportunities. Regardless, each whale awakening creates ripples in the market, as the sheer size of these transactions can influence both price and sentiment.
Ethereum has recently been one of the weakest performers among the top 10 cryptocurrencies, with its price dropping 11% over the past month. In the last 24 hours alone, ETH has declined by 4%, currently trading at approximately $2,300, according to CoinGecko data.