Ethereum OG Dumps Another 501 ETH After 2-Year Dormancy – More Selling to Come?

Analytics account on the X social media network, Lookonchain, has shared data about two recently awakened Ethereum wallets that had remained in hibernation for several years. Now that they are reactivated, they have begun selling their dormant ETH coins.

Both these whales have sold a significant amount of Ethereum this week.

Ethereum OG and ETH ICO whale return from dormancy

Lookonchain has reported that this Ethereum OG continues to sell his ETH stash. Several hours ago, he sold first one ETH, as a test transfer, and then moved 500 ETH to be sold. This amount of Ethereum is worth an impressive $1.29 million.

This whale has returned to activity after remaining dormant for two years, according to the data source. In 2023, this whale sold two crypto batches of 2,286 ETH and 1,500 ETH valued at $4.32 million and $2.83 million.

A tweet published by the aforementioned data source on Monday revealed that a participant of the Ethereum initial coin offering (ICO) in 2014, who had stayed dormant for approximately 10 years, awakened and transferred his entire stash – 2,000 ETH – to the Binance exchange.

He sold the 2,000 ETH for approximately $5.13 million over the past few days, according to the tweet. On Monday, the second-largest cryptocurrency, Ethereum, tumbled by more than 5% after soaring by 6.65% on Sunday and topping the $2,680 level. At the time of writing this article, ETH is changing hands near $2,580.

Ethereum ETFs lose $10 million

On June 16, spot Ethereum ETFs suffered a major blow as they witnessed major cumulative outflows of nearly $10 million in a single day.

The largest outflow was faced by the Fidelity Ethereum Fund ETF – it lost 3,496 ETH worth $9,035,971. Invesco Galaxy was hit with a 172 ETH withdrawal, thus losing $444,392 in the fiat equivalent.

78 ETH were withdrawn from Grayscale Ethereum Trust and Grayscale Ethereum Mini Trust lost 2 ETH. The remaining spot Ethereum ETFs saw zero inflows. Still, while the daily netflow was negative (minus 3,748 ETH), the weekly netflow was largely positive, totalling 191,057 ETH.