An early Ethereum investor, who participated in the network's 2014 Initial Coin Offering (ICO), has reactivated a wallet that had been dormant since February 2022. On September 4, 2025, this long-term holder transferred a substantial 150,000 ETH, valued at approximately $646 million, to a staking address. This significant move is interpreted as a strong signal of confidence in Ethereum's future potential and a strategy to benefit from staking rewards.
The Ethereum ICO, conducted from July 22 to September 2, 2014, was instrumental in the network's early funding, raising $18.3 million by selling over 60 million ETH at an average price of $0.31 per token. The whale in question acquired a considerable amount of ETH during this period, with their associated addresses remaining inactive for over three years until this recent activity.
This event is part of a broader trend where dormant, early Ethereum investors are re-engaging with the network amid a period of positive market sentiment. In August, another ICO-era wallet moved approximately $19 million in ETH to the Kraken exchange, and a separate participant transferred 2,300 ETH to the same platform. These movements suggest a strategic reallocation of assets by early investors, potentially seeking enhanced yields or preparing for future market opportunities.
The decision by this whale to move such a large sum to a staking address, rather than to an exchange for potential liquidation, is widely viewed by the cryptocurrency community as a bullish indicator. It signifies a commitment to Ethereum's long-term growth and network stability, potentially reducing immediate sell pressure and reinforcing confidence in the asset's value proposition. The whale still retains a significant portion of their ETH holdings, indicating that this move was not an exit strategy but rather a long-term investment in the network's staking ecosystem.
Ethereum's staking landscape has seen considerable expansion, with over 33 million ETH staked as of September 2025, representing a substantial percentage of the total supply. This growth is further supported by increasing institutional interest and the network's proof-of-stake mechanism. Combined with Ethereum's deflationary aspects and growing utility in decentralized finance (DeFi), staking continues to be a preferred strategy for early investors aiming to support the network while earning rewards.