One of Ethereum’s early ICO-era wallets is back in motion, and the size is hard to ignore. An address that received 38,800 ETH at genesis has transferred 18,500 ETH to another wallet, putting fresh attention on a long-term holder sitting on one of the market’s most extreme paper gains. On Etherscan’s address page, the original wallet shows a 38,800 ETH genesis allocation and a latest outgoing transaction about five hours ago sending 18,500 ETH to a second address.

That alone would be enough to get the market watching. Wallets from Ethereum’s earliest days do not move this kind of size without traders immediately asking the same question: is this just a reshuffle, or is a sale already underway?

The Sale Signal Is Coming From the Receiving Wallet

On-chain trackers have linked the receiving wallet to sales totaling 11,552 ETH, worth about $23.42 million at an average price near $2,027. Arkham’s explorer page for the recipient address has become the main reference point for those flows, even though the clearest direct confirmation from public explorer text is the original 18,500 ETH transfer out of the genesis wallet.

The original wallet movement is visible and straightforward. The “11,552 ETH sold” claim is best read as an on-chain tracking conclusion tied to the receiving wallet’s subsequent activity, rather than as a single self-labeled sale transaction from the original address.

The Return Is Still Absurd

The address received 38,800 ETH at genesis, when Ethereum’s ICO price worked out to roughly $0.31 per coin. That puts the original outlay near $12,000. At current market prices, that same stack would still be worth tens of millions of dollars even after the latest movement.

Etherscan’s filtered address history shows the wallet’s genesis funding and confirms the 38,800 ETH starting balance, while the current ETH price on the same page was around $2,043.78 when checked. On that basis, the original allocation would be worth roughly $79.3 million at spot.

Why Traders Care About These Wallets

Large sales from early Ethereum participants matter less because they rewrite the long-term thesis and more because they add real supply at moments when the market is already sensitive.

An ICO participant selling into weakness can make traders nervous for two reasons. First, it creates fresh headline pressure around a market that is already trying to hold key support. Second, it reminds everyone that some of the cheapest ETH ever bought is still sitting in the hands of holders who can realize enormous gains without needing especially high prices.

That does not automatically mean the market is about to get flooded. But once an old wallet starts moving size after long periods of quiet, the market tends to assume more supply could follow until proven otherwise.

The Bigger Picture

The wallet behind 0xd64A is not a new whale. It is old supply becoming active supply again.

The original genesis wallet has now sent out a meaningful chunk of its holdings, and on-chain tracking suggests a large part of that transfer is already being worked through at around the low-$2,000 area. Whether the holder continues selling or pauses after this tranche is what traders will be watching next.

The post Ethereum ICO Whale Moves Big Again as 11,552 ETH Heads Into Sales appeared first on Crypto Adventure.

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Filed under: Bitcoin - @ March 27, 2026 9:15 am