Sleeping Ethereum (ETH) Whale Wakes Up With 787,000% Gains

An Ethereum whale has recently woken up a decade after its Initial Coin offering (ICO) by moving 1 ETH, in what seems to be a test transaction. The whale wallet, which originally held 1,000 ETH purchased during the Genesis event for just $310, moved 1 ETH today, and is already sitting on a massive 787,000% gains as of the current ETH price of $2,502. This development has sparked discussions about whether a major whale dump is coming anytime soon.

Ethereum Whale From ICO Era Mints 787,000% Gains

An earlier Ethereum ICO participant, holding more than 1,000 ETH, recently woke up after a decade, sparking discussions within the community. The Ethereum whale wallet purchased this ETH at the Genesis event, for a meager investment of $310,as per the Etherscan data.

At current market prices, the wallets holdings are valued at $2.44 million, representing an extraordinary 7,870x return on the initial investment. The ETH whale activity has surged in recent weeks, showcasing mixed behaviour. Last week, a whale entity purchased $10 million worth of ETH.

Source: Etherscan

Moreover, Ethereum whales from the Genesis era have also turned active as ETH price enters a long consolidation around $2,500. Back in mid-June, a similar Ethereum whale woke up after 10 years of dormancy.

The wallet originally received 2,000 ETH during Ethereums Genesis event, purchased for just $620. Today, those holdings are valued at an impressive $5.03 million, highlighting the incredible appreciation of Ethereum since its early days.

ETH Profit Taking Ahead？

ETH price has been flirting around $2,500 levels for a very long time, and this recent whale activity has sparked discussions of ETH profit booking. As of now, the ICO-era whales are just nibbling around; however, any potential upside could be met with selling pressure from them.

Furthermore, on-chain data also shows that theres a record number of short positions building up for ETH at this moment. Any upside could potentially lead to a major short-squeeze from here.

Source: CME

During the second quarter of 2025, the ETH price delivered nearly 35% gains. This comes along with strong inflows into spot Ethereum ETFs. Last week, Spot Ethereum exchange-traded funds (ETFs) reported net weekly inflows of $283 million, led by BlackRocks ETHA, marking seven consecutive weeks of positive growth.

Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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