Ethereum Whale Awakens After 10 Years: $120M ICO Wallet Stakes 40,000 ETH

Key Takeaways:

• A dormant Ethereum ICO wallet holding 40,000 ETH (~$120M) became active after more than a decade.
• Instead of selling, the owner began staking ETH and moved a small test amount to a new address.
• The event highlights long-term conviction and adds new discussion around whale behavior in the staking era.

For the first time in over ten years, one of Ethereum’s earliest ICO wallets has come back online and instead of triggering sell-off fears, its owner took a surprising path: staking tens of thousands of ETH. Blockchain analysts say the activity offers a rare glimpse into the mindset of ultra-early Ethereum investors as the ecosystem shifts deeper into a proof-of-stake economy.

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On-chain data shows that wallet 0x2dCA, which received 40,000 ETH during the Ethereum ICO in 2014, became active this week after more than a decade of total dormancy. At current prices, the holdings are valued at around $120 million.

Lookonchain was the first to flag the movement, noting that the wallet initially sent 5 ETH as a test transaction to a fresh address. The amount is tiny compared to the total balance, but it immediately drew attention due to the wallet’s extraordinary history. Records confirm the original ICO allocation cost the participant only $12,400, meaning the ETH stack has appreciated nearly 9,600x.

What shocked the market was not the return but what followed next. The whale did not actually cash out and only hours after the small test transfer, wasted the entire 40,000 ETH staking it in long-term yield. This one decision changed the market story, which was filled with fear, to wonder.

Even after the awakening, ETH price did not become unstable due to the huge size of the wallet. The speculators on X bet that the staking style of the whale was more reassuring to the market than disruptive to it. Small transfers from dormant wallets often act as preliminary tests before a major move but staking is a distinctly different signal.

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