A long-inactive Ethereum Initial Coin Offering (ICO) participant has resumed activity

A long-inactive participant of the Ethereum (ETH) Initial Coin Offering (ICO) has awoken from a three-year slumber, kicking off a wave of high-volume transfers on April 17.

The reactivated address, initially funded with 76,000 ETH during Ethereum’s genesis phase in 2015, has since offloaded more than half its holdings.

The participant, who acquired 76,000 ETH at the ICO price of roughly $0.31, transferred the full amount to the wallet 0xD612597B…9426bD925 over 3,500 days ago.

That address remained inactive until mid-April 2025. On April 17, it transferred 30,000 ETH, including a 3,000 ETH deposit, to crypto exchange Kraken.

Following that transaction, the wallet initiated a sequence of additional movements. Some transfers were as large as 60,000 ETH and 5,504.982 ETH, redirected to new addresses including 0x738e8368…f55f4EAaF and 0x96f59616…7a7B10be7.

Other transfers reportedly came from wallets that had previously interacted with exchanges such as Poloniex, suggesting legacy wallet consolidation or reactivation.

Due to their timing, scale, and origin, the transactions led to discussion. Blockchain records indicate many of the transfers occurred in quick succession.

Many on-chain observers noted the activity with some attention, signaling a potential return of the long-dormant supply to active circulation.

Market Absorbs M in ETH Sales With No Lasting Price Impact

Since April 17, the wallet has sold a total of 16,500 ETH, amounting to roughly $29.35 million in realized value. These sales were executed at an average price of $1,779.

The most recent transaction, six hours before the latest data capture, involved the sale of 1,500 ETH for $1.76 million.

Despite the size of these transactions, Ethereum’s market price continued to trend upward. On April 18, when a 3,000 ETH sale was recorded, ETH was trading at about $1,620.

Over the following weeks, additional sales, each for 1,500 or 3,000 ETH, were recorded between April 25 and May 3.

As of May 4, Ethereum reached a trading price of $1,842.49. The 24-hour price range narrowed to $1,816.86–$1,845.77, with trading volume surpassing $7.2 billion and a market capitalization of $222 billion.

The wallet still holds 13,500 ETH valued at approximately $24.82 million.