A wallet that bought Ethereum near its earliest trading days has begun cashing out. According to analytics tracker Lookonchain, the address acquired 3,000 ETH in 2017 at an average price of $18.8 per coin after withdrawing the coins from Gemini, a total outlay of $56,500, and then sat dormant for roughly nine years, U.today reported.
The owner reactivated the wallet this week, sending another 1,000 ETH worth $2.68 million to a Kraken deposit address. To date the investor has sold 2,000 ETH at an average price of $3,096, receiving $6.19 million. Net profit on the portion sold reached $8.8 million, a 156-fold return on the original purchase, with the remaining 1,000 ETH valued at $2.67 million still sitting in the wallet.
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Key facts
- The wallet bought 3,000 ETH in 2017 at an average of $18.8 per coin, a $56,500 initial investment, per Lookonchain.
- It has sold 2,000 ETH at an average of $3,096 for $6.19 million, booking $8.8 million in net profit.
- The latest transfer of 1,000 ETH, worth $2.68 million, went to a Kraken deposit address.
- Ethereum gained 72.7% in Q3 2026, its best third quarter on record, after declines of 29.1% in Q1 and 25.3% in Q2, per CryptoRank.
- Spot Ethereum ETFs drew net inflows for seven consecutive days, adding more than $689.8 million over the latest reporting week.
A record quarter that long-term holders are selling into
The exit lands against an unusual backdrop. Q3 has historically been Ethereum’s weakest quarter, averaging a return of 9.11% with a median of 4.55%. This year’s 72.7% gain beat even the exceptional third quarter of 2020, which returned 59.2%, making current prices an attractive exit point for holders who bought at the bottom of the 2017 cycle.
The 2017 wallet is not alone. During the final week of September 2026, an investor whose position dates to 2023 moved more than 112,000 ETH, worth $300 million, to Bitfinex, and a separate over-the-counter sale moved 42,005 ETH worth $111.9 million. On the Bitcoin network, two wallets dormant for more than four years each shifted roughly 4,500 BTC to new addresses for internal balance consolidation, a stated combined value of about $380 million.
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ETF inflows absorb the supply
The market has held up despite the distribution. Regulated spot Ethereum ETFs have now recorded net inflows for seven straight sessions, pulling in over $689.8 million in the latest reporting week on SoSoValue and Farside Investors data. Their combined assets under management stand at $17.69 billion, roughly 5.4% of Ethereum’s total market capitalization — a structural buyer base that did not exist the last time this wallet woke up.
Why it matters
Sales by wallets that bought in 2017 carry symbolic weight because they mark where patient capital judges the cycle has matured. This time the selling is being met by regulated ETF demand rather than retail speculation, which changes who holds the marginal supply. For readers tracking on-chain behavior, the pattern suggests profit-taking is being distributed across multiple large holders rather than concentrated in one exit.
What to watch
The remaining 1,000 ETH in the reactivated wallet is the immediate signal to track: further transfers to Kraken would indicate the owner is continuing to scale out. Investors should also watch whether spot Ethereum ETF inflows extend their streak, since that demand has so far offset selling pressure.
This is not financial advice. Cryptocurrency markets are volatile and uncertain, and on-chain data does not predict future prices.
Source: U.Today
