Ethereum Whale Sends $250M to Gemini After Years of Inactivity

TLDR

• Whale wallet moved 85,000 ETH worth $250M to Gemini after 9 years of dormancy.
• Wallet originally bought 135,000 ETH at $90 each via Bitfinex in 2017.
• Transfers were split, including one of 60.28K ETH worth over $175M.
• Wallet now holds only $70 in altcoins after moving the entire ETH balance.

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A nine-year dormant Ethereum whale wallet has reemerged, transferring 85,000 ETH worth around $250 million to Gemini. This sudden move follows earlier transactions and is drawing attention across the crypto market due to its scale and timing.

Massive Transfer After Nearly a Decade of Inactivity

An Ethereum wallet inactive for nine years has transferred 85,000 ETH, valued at nearly $250 million, to the Gemini exchange. Blockchain tracking platform EmberCN reported that the wallet, identified as “0xb5a…168d6,” executed the transfers this week. The large movements included two major batches of 25,000 ETH followed by a final transfer of over 60,283 ETH.

The address originally received 135,000 ETH in 2017 from Bitfinex at an average cost of $90 per ETH. At that time, the total purchase was worth approximately $12.17 million. Following these latest transactions, the wallet now holds only about $70 worth of altcoins.

Data from Arkham Intelligence confirms the sequential transfers. The most recent 60K ETH move alone was valued at over $175 million, showing a clear intent to offload or reposition the large ETH balance. Analysts suggest such centralized exchange inflows could signal possible upcoming sales, though no sales have been confirmed at this time.

Profits After Long-Term Holding

The wallet’s return on investment over the years stands out. With Ethereum currently trading near $2,934, the total value of 135,000 ETH previously held by the wallet reached approximately $393 million. This reflects a 32x return from its 2017 value, resulting in an estimated profit of over $380 million.

According to EmberCN, the ETH moved to Gemini likely signals a planned exit or strategic reallocation by the holder. While it’s unclear whether these funds have been sold, movements of this scale are closely watched by market participants due to the potential influence on price and sentiment.

Such whale activity is rare but not isolated. A similar occurrence took place just last week when a Bitcoin wallet dormant for over 12 years transferred 909 BTC, now valued at more than $84 million. These events are raising interest in long-dormant addresses and their role in the current market environment.

Ethereum Price Movement and Market Conditions

Ethereum has seen volatile trading in recent days. Over the past week, ETH dropped more than 7%, falling below the $2,800 level before rebounding. At the time of writing, ETH is trading around $2,934. Market observers suggest the recent dip reflects ongoing ETF-related selling pressure, which has limited ETH’s rise above the $3,000 mark.

Meanwhile, on-chain metrics indicate increasing user activity. Daily active Ethereum addresses have climbed to nearly 1.3 million. This points to sustained network engagement despite price fluctuations.

Staking and Institutional Inflows Continue

In parallel with this whale movement, stake participation in Ethereum remains strong. BitMine, led by Tom Lee, has staked over 2.2 million ETH, valued at around $6.5 billion. This includes a new staking round of 209,504 ETH worth $610 million added just today.

This trend contributes to tightening ETH supply, as staked tokens are locked and not available for immediate trade. Market analysts are monitoring these dynamics, alongside whale behavior, to gauge future price directions.

Bloomberg Intelligence analyst Mike McGlone commented on X that Ethereum is still trading within its $2,000–$4,000 range, active since 2023. He cautioned, “I see greater risks of it staying below $2,000 than above $4,000, especially when stock market volatility rebounds.”

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