Old ether wallets move 37,806 ETH as $1.5K support faces test
Old ether wallets move 37,806 ETH as dormant eight-year holdings wake for the first time since 2017, adding fresh supply while Ether trades just above $1,500. Long-term whale profitability turned negative for the first time since 2019, testing whether large holders keep selling or defend this key support zone. Onchain data shows mixed positioning among major investors as ETH faces a pivotal price test.
Key Takeaways
- Four wallets that received 37,602 ETH around eight years ago sold 33,623 ETH for roughly $52.5 million at about $1,560 on Thursday.
- Every major ETH whale cohort now sits on negative unrealized profit ratios for the first time since 2019, according to analyst Darkfost.
- Some whales are still accumulating, including one investor who swapped 464 BTC for 17,750 ETH and Chun Wang, who bought nearly 87,000 ETH from Binance over the past month.
- Ether briefly dropped to $1,510 during Thursday sell-off but held above its yearly low as traders watch $1,500 as critical long-term support.
Why did old ether wallets move now?
According to blockchain tracker Lookonchain data cited by Cointelegraph, four Ethereum wallets that received 37,602 ETH nearly eight years ago at an average price of around $830 became active after years of dormancy. The wallets held through the 2021 and 2025 bull markets, when unrealized gains exceeded $150 million.
On Thursday, the wallets sold 33,623 ETH for about $52.5 million at roughly $1,560 per coin. The realized profit now stands near $27.4 million. In total, 37,806 ETH from long-dormant addresses became active, adding supply to a market already trading near multi-year support.
Are whales selling or buying ether?
The picture is split. Fresh selling from OG wallets appeared alongside continued buying from other large holders. Lookonchain reported that one whale swapped 464 BTC worth $27.6 million for 17,750 ETH, signaling capital rotation into Ether rather than a broad exit.
Investor Chun Wang also acquired another 9,937 ETH and 147 wrapped Bitcoin. Over the past month, Wang has withdrawn almost 87,000 ETH from Binance at an average purchase price of $1,749. BlackRock transferred 41,996 ETH and 4,577 BTC to Coinbase Prime, a move commonly associated with custody or operational management rather than a confirmed market sale.
What does negative whale profitability mean?
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.
The analyst said periods when whale conviction was tested by ETH prices often aligned with long-term bottom zones. The current scenario indicates that large holders face greater overall pressure in 2026, even as selective accumulation persists. For broader market context, see our Fintech & Crypto Alerts coverage.
Can ether hold the $1,500 support level?
Ether dropped to $1,510 during Thursday sell-off, though it avoided setting a new yearly low even as Bitcoin fell to fresh 2026 lows. Crypto trader Ardi described $1,500 as Ether's key long-term support, arguing that daily closes below that level challenge bullish assumptions built up since the 2022 bear market.
Crypto investor Jelle shared a similar view, saying a sustained break would send Ether back into a trading range last seen in early 2023. Weekly price action shows ETH has defended the $1,500 region during several major corrections since mid-2022. However, trader Cyclops identified the $1,070 to $1,370 range as a potential accumulation zone, warning that a move there could break a multi-year ascending trendline and delay recovery.