An early ether buyer liquidated 3,000 ETH worth $7.23 million on Oct. 22, realizing a 128x return on an initial $18.83-per-coin investment. On-chain data shows the stack originated from a Gemini hot wallet roughly nine years ago, when the position was worth approximately $56,480.
The coins sat untouched for eight years before moving through two intermediate wallets and landing at a Kraken deposit address. Every dollar initially invested returned about $128—a return few asset classes have matched over the same timeframe.
This wasn't an isolated move. On Sept. 29, analysts tracked a second dormant wallet with an nearly identical profile: 3,000 ETH acquired around $18.80 in 2017 from Gemini. That wallet had already sold 2,000 ETH at an average price of $3,096, generating $6.19 million, then sent another 1,000 ETH to Kraken.
Prominent Chinese analyst Ai Yi connected the two wallets, citing matching purchase timing, funding sources, and deposit patterns. If they belong to the same entity, combined sales total roughly 6,000 ETH since August 2025—worth approximately $15.85 million at an average deposit price of $2,642.42, representing a 139x return on the larger position.
The timing matters. These large-scale exits align with a broader shift in ether demand dynamics. Spot ether ETFs have recorded persistent outflows, contrasting sharply with billions in inflows to Bitcoin funds. Bitmine, the largest corporate ether buyer, has also signaled a ceiling: it will halt ETH purchases once holdings reach five percent of total supply.
There is a counterweight. Bitwise data shows a record 43.8 million ETH now locked in staking contracts—supply removed from active circulation and unavailable for sale, which partially offsets profit-taking from long-term holders.
Wallets dormant since 2017 carry outsized weight among traders. These holders survived the 2018 crash, the 2022 bear market, and multiple rallies without selling. Any exchange deposit from such entities typically signals a seasoned investor with a long-term thesis making a deliberate move. That said, a nine-year holder realizing a 128x profit may simply be hitting a personal financial target or addressing a liquidity need.
