Ethereum Whale Moves $120M to Staking After a Decade of Dormancy

TLDR

• An Ethereum whale has staked 40,000 ETH, worth $120M, after a decade of inactivity.
• The whale originally acquired the 40,000 ETH during Ethereum’s genesis block launch in 2015.
• Instead of selling or transferring the funds, the whale chose to stake the entire amount.
• Other Ethereum ICO-era whales are also making moves, with some selling portions of their holdings.
• Ethereum’s top 1% of holders now control 97.6% of the total supply, according to Glassnode.

A long-dormant Ethereum whale has reemerged after nearly a decade, moving its substantial 40,000 ETH stash into staking. According to blockchain data platform Lookonchain, this wallet was created during Ethereum’s genesis block launch in July 2015. The whale originally acquired the tokens for around $12,000, but today, they are worth approximately $120 million.

Instead of liquidating the funds or moving them to an exchange, the whale has chosen to stake the entire holding. This action suggests the wallet owner is confident in Ethereum’s long-term prospects. Blockchain watchers have noted that such moves from early investors could have significant impacts on the crypto market’s liquidity.

Other Ethereum ICO Whales Opt to Sell or Stake Holdings

While some Ethereum ICO-era wallets are opting to sell, others continue to stake their holdings. A separate whale, which had accumulated 254,908 ETH during the ICO, began selling portions of its stash on November 26. After selling 20,000 Ether, the whale continued to divest, leaving only about $9.3 million worth of Ether by Saturday.

Another whale, who accumulated 154,076 Ether starting in 2017, has also moved some tokens. On the same day, they sent 18,000 Ether to the crypto exchange Bitstamp. This whale had previously sold 87,824 Ether at an average price of $1,694 per token.

A larger Ethereum ICO wallet that woke up in September also moved some funds into staking. This whale had acquired 1 million Ether during the ICO and transferred 150,000 tokens for staking. The remaining balance in the wallet remains intact, with the whale now securing a portion of its holdings in Ethereum’s staking ecosystem.

Ethereum’s Top Holders Still Accumulating

Despite some Ethereum whales choosing to sell, the largest holders are still increasing their stakes. Data from Glassnode reveals that the top 1% of Ethereum addresses now hold 97.6% of the total supply. This figure represents a rise from 96.1% just a year ago.

Ethereum’s Beacon Deposit Contract, which manages the staking of Ether, currently holds the largest amount of Ether. It contains approximately 72.4 million Ether, worth an estimated $203 billion. This contract holds nearly 60% of the total Ether supply.

In comparison, the next largest Ethereum holders include Binance and BlackRock, which each hold millions of ETH. Binance has 4 million Ether, while asset manager BlackRock possesses 3.9 million tokens. These figures highlight the concentrated distribution of Ethereum holdings among top addresses.

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