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Three wallets that participated in the initial Ethereum ICO have resurfaced after being inactive for almost a decade. On-chain data demonstrated that these wallets, which had been inactive for years, moved Ether again. Their activity correlated with Ether’s price, which recently has been trading close to its all-time high, and the statistical correlation also hints at growing interest from other dormant holders, many of whom had been inactive for years.
Santiment’s Sanbase age-consumed metric indicates sharp increases in on-chain activity for the month of September 2025. The age-consumed metric takes the amount of Ether moved and multiplies it by a time component since the Ether last changed wallets. A surge in this figure indicates old coins are on the move.
At the beginning of September, the metric saw a sharp increase to 502 million. At the end of the month, it went up to 603 million, which was the second-highest level for the year. Only July went higher with a figure of about 804 million. These changes indicate that long-term holders are getting back to the network, possibly due to the fact that they are taking advantage of high prices or moving liquidity into new wallets.
Meanwhile, Santiment's wider data shows a vibrant scenario in Ethereum's ecosystem between the months of April and October 2025. The development activity was very volatile, reaching its highest point in early May and then going down in June before it became stable around 19.48 points at the end of October.
While network innovation continued, Ethereum’s annual inflation rate displayed strong variability. It hit major highs in May and again in late October, ending at 0.368%. These fluctuations may reflect validator participation changes or fee distribution cycles.
The Gini index - a measure of token distribution - stayed near 0.998 throughout the same period. This stability indicates that wealth concentration among holders remained high, with little redistribution across the network. Combined, these indicators show a maturing yet uneven ecosystem adapting to shifting market conditions.
Against this backdrop, on-chain behavior from ICO-era investors has captured attention. Many of these early adopters are now moving large holdings for the first time in nearly a decade.
According to Nansen, one whale who received 20,000 Ether during Ethereum’s 2015 ICO recently transferred 1,500 tokens to the Kraken exchange. The address had been inactive for eight years. When purchased, the holdings cost just $6,000; their current market value exceeds $78 million.
Another early participant, who acquired one million Ether across three separate wallets during Ethereum’s genesis, moved 150,000 Ether in September for staking purposes. This holder initially spent $310,000 during the ICO, with those assets now valued at $3.9 billion.
Even smaller holders have shown activity. In August, one participant conducted their first transaction in a decade, sending just 0.001 Ether as a test transfer. They originally purchased 158 Ether for $49 during the initial sale.
What motivates these early holders to re-enter the network after years of silence - and could this renewed activity signal a broader shift among Ethereum’s earliest investors?
The resurgence in whale activity and the network development of Ethereum have shown an extremely dynamic shift among early investors. The blockchain continues to evolve with massive money transfers, steady wealth accumulation, and fluctuating inflation. The ICO-era wallets, which have been reactivated, highlight the influence of long-term holders on Ethereum's liquidity and activity levels, even in 2025.
Read More: Ethereum Whales Boost Accumulation as ETH Holds $4,000
