Old Ether Wallets Move 37,806 ETH Amid Whale Profitability Downturn
Vexoda Newsroom
Ethereum (ETH) witnessed significant wallet activity as long-term holders began selling for the first time since 2017. This move coincides with a negative profitability period for major whales, signal
In a recent development in the Ethereum ecosystem, old wallets holding approximately 37,806 ETH have become active after years of dormancy. These long-term holders sold nearly 33,623 ETH at around $1,560 each for about $52.5 million, realizing a profit close to $27.4 million.
This activity comes amidst broader market trends where total long-term whale profitability has turned negative since 2019. According to on-chain data from Lookonchain, four wallets that received ETH nearly eight years ago at an average price of around $830 are now selling their holdings as unrealized gains have diminished.
While these old wallets were active, other large investors continued accumulating ETH. For instance, a whale swapped 464 BTC worth approximately $27.6 million for 17,750 ETH on the same day. Additionally, investor Chun Wang acquired more than 9,937 ETH and 147 wrapped Bitcoin over the past month.
The implications of this mixed activity are significant. Crypto analyst Darkfost noted that periods when whale conviction is tested by market prices often align with long-term bottom zones. However, current data suggests larger overall pressure on major whales in 2026 despite selective accumulation persisting.
Ether's price has been hovering just above $1,500, a level described as key support by traders like Ardi and Jelle. While the market avoided setting new yearly lows during recent sell-offs, some analysts see this range challenging bullish assumptions since 2022. Cyclops identified the potential for ETH to break below its multi-year ascending trendline if it moves into the $1,070-$1,370 accumulation zone.
Institutional trading remained active as well with BlackRock transferring substantial amounts of ETH and BTC to Coinbase Prime, typically associated with custody or operational management. Overall, these developments indicate a complex market where both selling pressure from long-term holders and buying by other large investors are at play.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.