A long-inactive Ethereum ICO address has moved again after more than ten years. On-chain data shows the wallet sent about 40,000 ETH to a new address, with no deposits to exchanges recorded so far.
The original buyer acquired the 40,000 ETH during the ICO for roughly $12,400 in total, or about $0.31 per coin. At an Ethereum price near $3,000, that stash now equals around $120 million and an unrealized gain of about 9,600 times. Analysts note that such activity can matter for liquidity if coins reach exchanges, yet they also stress that many dormant-wallet transfers remain internal and never hit order books.
While the ICO whale resurfaced, BitMine continued to expand its role as a major institutional Ethereum holder. Recent reports show the firm buying 28,625 ETH for about $82 million and another 21,537 ETH worth close to $60 million through FalconX. These purchases lifted BitMine’s balance to nearly 3.63 million ETH, or roughly 3% of the circulating supply, placing it among the largest corporate Ether treasuries.
BitMine describes its holdings as a “Strategic ETH Reserve” built during periods of volatility. The company plans to launch the “Made in America Validator Network” (MAVAN) in early 2026, using staked ETH to earn validator income. On-chain data links this accumulation to a roughly 35% rise in daily Ethereum trading volume to about $24 billion, pointing to active institutional participation.
Also Read: Why Ethereum is Undervalued and How it Affects Crypto Payroll
Ethereum is trading close to the $3,000 level, with a market cap value above $360 billion. Crypto sentiment firm Santiment reports that major stablecoin lending platforms offer yields near 4% and sees room for Ether to retest $3,200 resistance.
At the same time, another ancient whale has started to realize gains. According to analyst @ai_9684xtpa, a 2016-era address with a cost basis around $203 per ETH has transferred 7,000 ETH to market maker Wintermute over the past month. At an average transfer price near $3,024, the wallet could realize about $19.7 million in profit if all deposits convert to sales, while still holding roughly 26,993 ETH worth around $81 million.
Developers now prepare the Fusaka upgrade for December 3 on Ethereum’s mainnet. The update will improve execution-layer performance, adjust staking economics, and enhance token value capture, including better support for rollup data and long-term fee revenue. Together, awakened ICO wallets, institutional treasuries such as BitMine, and upcoming protocol changes show how large holders and protocol changes continue to shape Ethereum’s market.