SKN | Dormant Ethereum Whales Move 37,800 ETH as $1,500 Becomes Critical Support

Key Points:

• Nearly 37,800 ETH from wallets inactive since 2017 became active, with more than 33,600 ETH sold after holding through multiple market cycles.

• Other large investors continued accumulating Ether, including one whale that swapped $27.6 million worth of Bitcoin for ETH.

• Long-term Ethereum whale profitability has turned negative for the first time since 2019, putting every major whale cohort underwater.

Dormant Ethereum Wallets Return After Eight Years

Long-dormant Ethereum wallets have re-entered the market as Ether trades near one of its most important technical support levels.

According to onchain data, four wallets that originally received approximately 37,600 ETH in 2017 became active for the first time in nearly eight years. The holders sold roughly 33,600 ETH for about $52.5 million at an average price near $1,560.

Although the wallets missed opportunities to sell during Ethereum’s previous bull markets, the transactions still generated an estimated realized profit of approximately $27.4 million.

The movement adds fresh supply to the market during a period of heightened uncertainty for Ethereum prices.

Whale Activity Shows Mixed Sentiment

While some long-term holders are taking profits, other large investors continue increasing their Ether exposure.

Blockchain data shows one whale exchanged approximately 464 Bitcoin, valued at about $27.6 million, for roughly 17,750 ETH, signaling a rotation from Bitcoin into Ethereum.

Investor Chun Wang also expanded his holdings, purchasing nearly 10,000 additional ETH and 147 wrapped Bitcoin. Over the past month, Wang has reportedly withdrawn almost 87,000 ETH from Binance at an average acquisition price of approximately $1,749.

Meanwhile, BlackRock transferred nearly 42,000 ETH and more than 4,500 Bitcoin to Coinbase Prime. Such transfers are generally associated with custody or operational management and do not necessarily indicate assets are being sold.

Whale Profitability Turns Negative

Ethereum’s recent price decline has pushed long-term whale profitability into negative territory.

According to onchain analysis, investors holding between 1,000 ETH and more than 100,000 ETH are now collectively sitting on unrealized losses for the first time since 2019.

Historically, periods when large holders faced negative unrealized returns have often coincided with major market bottoms, as long-term investors have generally continued holding despite temporary losses.

However, the current environment also highlights increasing pressure on institutional and large-scale investors following Ethereum’s prolonged decline.

$1,500 Emerges as Key Technical Level

Ether briefly fell to approximately $1,510 during Thursday’s broader cryptocurrency sell-off but managed to avoid establishing a new yearly low.

Market analysts continue to identify the $1,500 level as one of Ethereum’s most significant long-term support zones. A sustained break below this level could weaken the bullish structure that has remained intact since the 2022 bear market and potentially increase downside risks.

For now, buyers continue defending the area as both accumulation and profit-taking occur simultaneously among major market participants.

Outlook

Ethereum remains at a critical point as conflicting whale activity reflects growing uncertainty across the market. While dormant investors are realizing profits after holding for years, other institutional and high-net-worth investors continue accumulating Ether. With long-term whale profitability now negative for the first time since 2019, the market’s ability to maintain support above $1,500 may become one of the key factors shaping Ethereum’s medium-term direction.