A significant cryptocurrency whale wallet has been reactivated this week, transferring approximately $397 million worth of Ethereum (ETH) to the Gemini exchange. The move is particularly noteworthy as the address had remained completely dormant for nearly nine years, holding its acquired assets since the early days of the Ethereum network, potentially dating back to the 2014 pre-sale.
Blockchain tracking services confirmed the massive outflow, noting that the funds—estimated to be over 113,000 ETH based on current market valuations—were consolidated and moved in multiple large tranches into known Gemini deposit addresses. Such large-scale movements from long-term inactive wallets (often referred to as ‘sleeping giants’) typically draw intense scrutiny from the crypto community.
The transfer of hundreds of millions of dollars directly to a centralized exchange (CEX) wallet is frequently interpreted as preparation for liquidation (selling) or potential large-scale over-the-counter (OTC) trading. Given the sheer volume involved, market analysts are closely monitoring the potential impact this sudden liquidity event could have on ETH price volatility and overall market sentiment, especially concerning increased selling pressure on the asset.
Source: Whale wallet moves $397 million in ETH to Gemini this week, breaking nine-year dormancy
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