Ethereum ICO wallet offloads $23 million in ETH after moving 18,500 tokens

• An Ethereum ICO-linked wallet moved 18,500 ETH worth about $38.1 million, according to onchain analyst Lookonchain.
• A receiving address then sold 11,552 ETH for roughly $23.4 million in a series of transactions at an average price near $2,027.

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An Ethereum wallet tied to the network’s ICO era has moved back into focus after a large transfer was followed by multimillion-dollar sales onchain.

Lookonchain said the wallet, identified as “0xd64A…7ED7” and linked to an Ethereum ICO participant, transferred 18,500 ETH worth around $38.1 million to another address. That second address then sold 11,552 ETH, valued at roughly $23.4 million, across multiple transactions. The average sale price came in at about $2,027 per coin.

Old Ethereum supply resurfaces at a delicate time

Large movements from early Ethereum holders still draw attention for a simple reason. These wallets sit on deeply profitable positions, and when they become active, traders tend to watch for signs of distribution pressure.

This case fits that pattern. The transferred amount was substantial enough on its own, but the more relevant detail was what followed. More than half of the moved ETH was sold relatively quickly, suggesting this was not a routine reshuffling between passive wallets.

That said, the market often absorbs these sales better than the headline number first suggests. Ethereum remains liquid, and even sizeable disposals from long-dormant holders do not automatically translate into sharp price disruption. Still, it gets noticed. It always does.

ICO-era wallets still shape market psychology

The wallet’s ICO link adds another layer. Early Ethereum participants occupy a strange place in the market. They are part historical artifact, part risk factor. When one of these addresses wakes up, it tends to feed the same question traders have asked for years: how much old supply is still waiting to come out.

For now, the visible data points to a partial sale, not a full exit. The original 18,500 ETH transfer exceeded the 11,552 ETH that was sold, leaving room for further moves if the holder chooses.

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