Four long-dormant Ethereum wallets have sold a combined 33,623 ETH, worth about $52.5 million, in a rapid series of transactions, according to on-chain data. The sales, executed within four hours at an average price near $1,560, generated an estimated $27.4 million profit based on figures from Lookonchain.
Dormant wallets awaken after eight years
The wallets, inactive since 2018, originally received 37,602 ETH when Ethereum was trading around $830. Despite holding through multiple market cycles, including peaks in 2021 and 2025 when unrealized gains exceeded $150 million, the holders chose to sell at current levels significantly below those highs.
Blockchain data from Arkham identified the addresses as beginning with 0x71B, 0x92a, 0x6C7, and 0xffd, confirming nearly eight years of inactivity prior to the transactions.
Market context and price decline
Ethereum reached an all-time high near $4,946 in August 2025 but has since dropped to levels below $1,560. The recent sales come during a broader period of market weakness, where prices have struggled to regain upward momentum.
Similar activity has been observed in recent months. In March, another long-term holder sold $31 million worth of ETH after a decade of inactivity, followed by an April transfer of 10,000 ETH, valued at roughly $23 million, by an early participant from Ethereum’s initial coin offering.
Signals from long-term holders
The reactivation of dormant wallets is often interpreted as a shift in sentiment among early participants. By choosing to liquidate during a downturn rather than at previous highs, these traders may be prioritizing profit realization over further upside potential.
This behavior can increase short-term selling pressure while offering clues about broader market psychology. Some analysts associate such moves with a late-stage market phase, where long-term holders begin exiting positions, potentially preceding a bottom but also adding to near-term volatility.
Mixed signals amid broader uncertainty
The sales come as spot Ethereum ETFs have recorded net outflows and sentiment indicators reflect elevated fear levels. At the same time, some market participants have reportedly accumulated during the dip, creating a mixed outlook.
The contrasting behavior between buyers and long-term sellers highlights ongoing uncertainty, with price direction likely influenced by whether selling pressure from early holders continues or demand strengthens at lower levels.
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