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An early Ethereum investor moved 150,000 ETH into staking on September 5. On-chain data shows the transfer came from three wallets tied to the 2014 ICO, with a market value of about 646 million dollars at the time. The deposit ranks among the largest recent staking inflows by a single holder.
CoinDesk’s review of the wallets notes the whale originally received 1 million ETH during the ICO for roughly 310,000 dollars. After the new stake, the investor still controls about 105,000 ETH across two addresses. Crucially, the coins were staked rather than sent to exchanges, which limits immediate sell pressure even as dormant supply reenters activity.
The move lands as Ethereum’s staking dynamics tilt positive again. More ETH is lining up to enter validators than to exit, with more than 932,000 ETH in the entry queue versus about 791,000 in the exit queue. Analysts also cite steady ETF inflows as a source of structural demand, while ETH prices have been more resilient than the broader market since mid August.
Traders read the transaction as a signal of confidence in Ethereum’s yield and security model. Large legacy holders have been resurfacing more often in 2025, yet staking rather than selling suggests long horizon positioning. Other outlets reported the transfer at roughly 645 to 646 million dollars and highlighted that substantial balances remain in the whale’s wallets.
For market structure, the takeaway is simple. When long-dormant coins choose staking over distribution, supply pressure can stay muted in the near term, although on-chain watchers will track these addresses for any follow-up movements.
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