Ethereum Whales Wake $785M Dormant ETH After 8 Years
After eight years of inactivity, Ethereum whales reactivated wallets holding approximately 736,316 ETH (≈ $785 million) and transferred the funds to Bitfinex on September 7. Earlier in the month, a 2015-era dormant wallet moved 4,000 ETH (≈ $17.1 million), and in late August, separate transfers of 92,500 ETH and 77,735 ETH went to exchanges. Such long-dormant wallet awakenings often signal potential sell-side pressure or portfolio rebalancing. While this influx remains modest relative to Ethereum’s market cap, sustained whale movements could test key support levels at the 50-day MA ($4,144), 100-day EMA ($3,607) and 200-day EMA ($3,190). Traders should monitor on-chain analytics and exchange inflows to distinguish between custody migrations and genuine sell-offs. The resurgence of dormant ETH underscores risks of short-term volatility and informs trading strategies.
Bearish
The reactivation of long-dormant Ethereum wallets holding $785 million of ETH signals an increased risk of sell-side pressure. Historical patterns show that large dormant-token movements can trigger short-term volatility as traders react to potential supply unlocks. Although this influx is small relative to total ETH supply, continued whale transfers to exchanges may breach key technical support levels at the 50-day MA, 100-day EMA and 200-day EMA, prompting downward price action. Traders should prepare for bearish momentum in the near term while monitoring on-chain and exchange inflows for confirmation of actual sell-offs.