An Ethereum (ETH) ICO participant with the wallet address 0xCD59 has transferred all its ETH holdings to a fresh wallet after 10.8 years of dormancy.
On-chain analysts noted that the dormant wallet acquired its 10,000 ETH during Ethereum's ICO at $0.311 per token.
Decade-Old Ethereum Whale Returns to Life
At ETH's current price, the whale's holdings are worth $22.88 million. This marks a 7,381x return on the $3,100 original stake, Lookonchain added.
While the intent behind the transfer remains unclear and there is no confirmed evidence of a sale, similar movements have historically preceded a range of outcomes. Some early Ethereum ICO participants have opted to liquidate portions of their holdings, while others have chosen to stake or simply reposition assets without selling.
For instance, last month, address 0xd64A sold 11,552 ETH for $23.42 million at $2,027 per token. That wallet had originally bought 38,800 ETH for $12,000 during the ICO.
"An #Ethereum ICO participant who bought 100K $ETH(costing $31K) sold 4,283 $ETH($18.97M) again recently.
He has sold 44,284 $ETH($105M) at an average price of $2,378 since 2021, leaving 55,716 $ETH($261.6M).
The total profit is ~$366.8M, an 11,835x return!... pic.twitter.com/C7xwhHh4Nn
— Lookonchain (@lookonchain) August 13, 2025"
However, not all early holders choose to sell. In December 2025, a dormant Ethereum ICO wallet (0x2dCA), holding 40,000 ETH, reactivated after more than a decade and opted to stake the assets rather than liquidate them.
Similarly, in September 2025, an ICO whale holding 1million ETH resurfaced after 8 years. The whale moved 150,000 ETH to a new wallet for staking.
The reactivation of long-dormant wallets continues to draw market attention, but such movements do not point to a single outcome. With no confirmed sale, the transfer leaves open multiple possibilities, reflecting the diverse approaches of early holders.
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