An early Ethereum buyer who acquired 3,000 ETH at $18.83 per coin nine years ago has moved the full position to Kraken on October 22, cashing out at approximately $7.23 million. Onchain data shows the coins were withdrawn from a Gemini hot wallet roughly nine years ago, when the stack was worth about $56,480.
The transaction represents a 128x return, with each dollar invested in ether in 2017 yielding approximately $128 by the time of the sale. The coins remained dormant across two intermediate wallets for eight years before the recent deposit to the exchange.
Possible Repeat Seller
On September 29, onchain analysts identified a second dormant wallet with an nearly identical profile: 3,000 ETH purchased around $18.80 in 2017 from Gemini. That wallet sold 2,000 ETH at an average of $3,096 for $6.19 million, then sent an additional 1,000 ETH to Kraken.
Chinese analyst Ai Yi connected the two wallets based on matching purchase timing, funding source, and deposit patterns. If they belong to the same entity, the buyer may have sold approximately 6,000 ETH since August 2025, totaling roughly $15.85 million at an average deposit price of $2,642.42, representing a return exceeding 139x.
Market Context
The sale occurs as spot ether exchange-traded funds post persistent outflows, contrasting with bitcoin funds that have attracted billions in capital. Bitmine, the largest corporate ether buyer, announced it will cease purchasing ETH once it reaches 5% of total supply.
Staking activity presents a counterweight to selling pressure. A Bitwise report notes that a record 43.8 million ETH is currently staked, removing that supply from potential sale.
Long-dormant wallets moving coins to exchanges historically carry significance for traders, as these holders weathered the 2018 crash, the 2022 bear market, and multiple rallies without selling. However, analysts note that a nine-year holder realizing a substantial profit may simply be meeting a personal financial target rather than signaling broader market conditions.
