Long-dormant Ethereum wallets that had not moved funds since 2017 have suddenly become active, transferring 37,806 ETH into the market as Ether trades near the psychologically important $1,500 level. The activity comes as onchain data reveals that long-term whale profitability has turned negative for the first time since 2019, signaling a rare moment of conviction testing among the largest holders.
Eight-year-old wallets awaken as ETH trades near key support
According to blockchain tracking firm Lookonchain, four Ethereum wallets that received a combined 37,602 ETH nearly eight years ago at an average price of around $830 suddenly began moving coins. These wallets had held through both the 2021 and 2025 bull markets, when their unrealized gains exceeded $150 million. On Thursday, they sold 33,623 ETH for approximately $52.5 million at an average price of $1,560, realizing a profit of roughly $27.4 million.
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The timing is notable. Ether dropped to $1,510 during Thursday’s sell-off, narrowly avoiding a new yearly low even as Bitcoin fell to fresh 2026 lows. The $1,500 region has served as a key support level since mid-2022, making it one of Ethereum’s longest-standing technical floors.
Mixed signals among large holders
While some old wallets distributed, other large investors continued accumulating. Lookonchain also reported that one whale swapped 464 BTC, worth $27.6 million, for 17,750 ETH, signaling a rotation from Bitcoin into Ether. Separately, investor Chun Wang acquired another 9,937 ETH and 147 wrapped Bitcoin. Over the past month, Wang has withdrawn nearly 87,000 ETH from Binance at an average purchase price of $1,749.
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Institutional activity also remained elevated. BlackRock transferred 41,996 ETH and 4,577 BTC to Coinbase Prime, a move typically associated with custody or operational management rather than a confirmed market sale.
Whale conviction tested across all cohorts
Crypto analyst Darkfost noted that Ether whales holding between 1,000 ETH and more than 100,000 ETH are all sitting on negative unrealized profit ratios. This marks the first time since 2019 that every major whale cohort has been underwater. Historically, periods when whale conviction was tested by ETH prices have often aligned with long-term bottom zones. The current scenario indicates that large holders are facing greater overall pressure in 2026, even as selective accumulation persists.
Why the $1,500 level matters
Crypto trader Ardi described $1,500 as Ether’s key long-term support, arguing that daily closes below that level would challenge the bullish assumptions built up since the 2022 bear market. Investor Jelle shared a similar view, noting that a sustained break would send Ether back into a trading range last seen in early 2023.
However, not all market participants expect a near-term recovery. Trader Cyclops identified the $1,070–$1,370 range as a potential accumulation zone, citing it as a key demand area established in early 2023. A move into that range would also see ETH break below its multi-year ascending trendline, a technical development that could further delay a sustained recovery.
Conclusion
The activation of eight-year-old wallets, combined with negative whale profitability across all cohorts, marks a significant moment for Ethereum. While the $1,500 support has held during previous corrections, the convergence of dormant supply entering the market and broad unrealized losses among large holders suggests that conviction is being tested more severely than at any point since 2019. Whether this leads to a bottom or a deeper correction depends on whether accumulation from other whales and institutions can absorb the selling pressure.
FAQs
Q1: Why are old Ethereum wallets moving now?
Long-dormant wallets may be activated for various reasons, including profit-taking, portfolio rebalancing, or security concerns. In this case, the wallets held ETH purchased around $830 and sold near $1,560, realizing significant profits despite the recent market downturn.
Q2: What does negative whale profitability mean for Ethereum’s price?
Negative unrealized profit ratios across all major whale cohorts indicate that even the largest holders are underwater on their positions. Historically, such conditions have sometimes preceded market bottoms, as they suggest selling pressure from whales may be exhausted.
Q3: Is the $1,500 support level likely to hold?
The $1,500 level has been tested multiple times since mid-2022 and has held as support. However, if ETH closes below that level on a daily or weekly basis, it could signal a shift in market structure and open the door to lower prices, potentially into the $1,070–$1,370 range.
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