Ethereum (ETH) Whales Sell 4,000 ETH From Two Early-Holder Wallets

Two long-dormant early Ethereum (ETH) holders moved a combined 4,000 ETH toward selling this week, on-chain records show, and their deposits landed just as the network posted its largest daily net exchange outflow in more than four months. Lookonchain, the on-chain tracker behind the posts, identified the transactions in separate updates on Oct. 23 and Oct. 24. The first involves an investor from Ethereum's initial coin offering, who transferred 1,000 ETH to a deposit address at the crypto exchange Kraken. That wallet's original allocation was 100,000 ETH bought at $0.31 per token, a $31,000 outlay at the time; the 1,000 ETH just moved cost $310 at purchase and equal 1% of the initial stake. The tracker wrote that many Ethereum OGs are selling, though its posts give no full accounting of what each wallet still holds or moved in earlier years. A second post on Oct. 23 described a different holder who acquired 3,000 ETH at $18.83 each nine years ago and now sits on roughly $7.23 million at the reported valuation, about $2,410 per token and some 128 times the original $56,490 investment. Both transfers went to addresses labeled as Kraken deposits. One caveat matters: a deposit records tokens reaching an exchange-linked address, and the published screenshots show no execution price, fees or proceeds, so whether either holder has actually realized a sale is not established by the on-chain trail alone. Neither figure establishes how much Ethereum (ETH) either investor still controls, because earlier sales, transfers and other addresses are not itemized in the posts. The Ethereum price itself does not appear in the transfer records; what the trail shows is supply moving, not a quote.

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Santiment's Oct. 23 analysis put the broader flow at approximately 169,770 ETH leaving exchanges on a net basis, with the accompanying chart dating the movement to Oct. 22. The analytics firm framed that as the largest daily outflow in over four months and compared it with June 5, when about 223,800 ETH left exchanges around a local price low. Santiment cautioned that the comparison does not guarantee another bottom, and kept its levels in one band: $2,400 as the immediate pivot, a sustained recovery above $2,500 as strengthening its bottoming case, and a loss of roughly $2,330 as weakening it. Fund flows have pushed the other way. U.S. spot ETF products recorded $320.1 million in withdrawals during Oct. 12–16, based on Farside Investors' figures, against $228.4 million from Bitcoin funds. BlackRock's ETHA accounted for roughly $299 million of that, about 93.4% of the category's weekly net outflow, and Ethereum (ETH) products took net inflows on only one of five trading days. The daily sequence ran from $85.4 million in withdrawals on Monday to $24.8 million in net purchases on Tuesday, then $129.5 million on Wednesday, $60.3 million on Thursday and $69.7 million on Friday. Pressure persisted after the week closed, with a $110.6 million net outflow on Oct. 22 again led by ETHA. Away from ETH, a separate Lookonchain post on Oct. 24 flagged an institution inactive for more than a year moving 156,690 AAVE worth $22.86 million and 19.74 million WLD worth $10.04 million. Of those amounts, 62,000 AAVE valued at $9.12 million and 19 million WLD valued at $9.67 million had reached exchanges, a combined $18.79 million. By token count, the deposited amounts were about 39.6% of the AAVE moved and 96.3% of the WLD moved. The tracker characterized the movements as preparations to sell, but named no institution and showed no completed trades.

The two flow signals point in opposite directions, and both are real. Early holders pushed roughly 4,000 ETH onto venue books, yet net balances still fell by 169,770 in a single day, so coins left exchanges faster than the oldest wallets refilled them. Less supply on venues typically means less inventory available for immediate selling, the reading Santiment itself applies, but deposits measure intent, not execution, and neither holder's proceeds are on record. Whether these wallets turn into the market's exit liquidity depends on trades that have not been shown. The most recent published state, as of Santiment's Oct. 23 read, leaves the $2,400 pivot intact. Our Ethereum technical analysis desk flags the same zone, after the recent slip to $2,371 and ahead of a decisive $2,300 support test.