TLDR
- An Ethereum ICO participant moved 10,000 ETH, worth about $22.9 million, after 10.8 years of inactivity.
- The investor originally bought the tokens for about $3,100 during Ethereum’s 2014 ICO.
- On-chain tracker Lookonchain flagged the transfer from wallet “0xCD59” to a new address.
- A wallet linked to Fenbushi Capital withdrew 3,063 ETH from Aave and sent the funds to Binance.
- The transfer to Binance came after Ethereum rose from about $2,017 to nearly $2,330.
Large Ethereum holders shifted millions of dollars in tokens as dormant and active wallets executed fresh transfers. On-chain data showed an early ICO participant moving 10,000 ETH after 10.8 years of inactivity. At the same time, venture capital and institutional entities repositioned holdings as prices hovered near $2,330.
Ethereum Whales Reactivate Dormant and Active Wallets
An Ethereum ICO participant moved 10,000 ETH worth about $22.9 million, to a new address. Lookonchain flagged the transfer from wallet “0xCD59” after 10.8 years of inactivity.
An #Ethereum ICO participant "0xCD59" transferred all 10,000 $ETH($22.88M) to a new wallet after being dormant for 10.8 years.
He invested only $3,100 in the ICO and received 10,000 $ETH — now worth $22.88M, a 7,381x return!https://t.co/HioUzA13Lu pic.twitter.com/5gBezsDQC2
— Lookonchain (@lookonchain) April 28, 2026
The investor bought the tokens in 2014 for about $3,100 during Ethereum’s ICO. The current valuation represents a return of more than 7,000x on the initial purchase. However, the transfer did not confirm a sale but showed a full balance shift.
Such long-held tokens rarely move, so blockchain trackers recorded the activity immediately. Market observers often link fresh wallet transfers with potential portfolio adjustments. Still, the address has not sent funds to an exchange.
Separately, a wallet tied to Fenbushi Capital withdrew 3,063 ETH from Aave. The wallet then transferred the assets, worth about $7.1 million, to Binance.
The same wallet had received the Ethereum from Binance about one month earlier. At that time, ETH traded near $2,017 per token. With ETH around $2,330, the unrealized gain stood near $969,000.
Transfers from DeFi platforms to centralized exchanges often precede liquidity actions. Traders typically move funds to exchanges before converting assets or locking in profits. One X user reacted to the activity and wrote, “Dump dump dump.”
Bitmine Expands Accumulation and Staking Strategy
Tom Lee’s Bitmine continued to accumulate Ethereum through over-the-counter trades. Lookonchain reported that Bitmine acquired 45,000 ETH, worth about $103.5 million.
FalconX and BitGo facilitated the OTC transactions for the purchase. The acquisition formed part of Bitmine’s broader accumulation plan.
It seems that Tom Lee(@fundstrat)'s #Bitmine just bought another 45,000 $ETH($103.5M) via #FalconX and #BitGo.https://t.co/mBlJGSx22uhttps://t.co/sMAP11MnQD pic.twitter.com/FvpsB7VFAJ
— Lookonchain (@lookonchain) April 29, 2026
Bitmine has committed roughly 3.5 million ETH to staking so far. The staked amount carries an estimated value of about $8 billion at current prices.
The company said staking accounts for just over 70% of its total holdings. Staking allows holders to validate transactions and earn yield on locked tokens.
Lee previously stated that staking could generate a pre-tax return near 2.79%. He also said Ethereum may be at or near a cyclical bottom.
In March, Lee cited analysis from market technician Tom DeMark. He said Ethereum’s recent pattern resembles the 2011 U.S. debt ceiling crisis drawdown.
Lee stated, “If those analogues hold, ETH likely either bottomed in early March or is bottoming now.” Ethereum traded around $2,330 at the time of the latest transactions.
