Old ETH Wallet Selling Tests Whale Conviction at $1.5K

Eight-year-old Ether (ETH) wallets have started moving coins for the first time since 2017, adding fresh supply to the market as Ether trades just above $1,500. Onchain data shows 37,806 ETH from long-dormant addresses became active, while separate whale transactions point to continued accumulation by other large investors.

The mixed positioning comes as total long-term ETH whale profitability has fallen below zero for the first time since 2019, leaving every major whale cohort sitting on unrealized losses.

ETH whale traders are split between accumulation and distribution

According to Lookonchain, 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 their unrealized gains exceeded $150 million, sold 33,623 ETH for about $52.5 million at around $1,560 on Thursday. The realized profit now stands near $27.4 million.

OG ETH wallets holding period. Source: Lookonchain/X

Fresh ETH selling has appeared alongside continued buying from other large holders. Blockchain tracker Lookonchain reported that one whale swapped 464 BTC worth $27.6 million for 17,750 ETH, signaling capital rotation into Ether.

Meanwhile, 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 Over the past month, Wang has withdrawn almost 87,000 ETH from Binance at an average purchase price of $1,749.

Institutional ETH trading also remained active. 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.

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.

ETH whales’ unrealized profit ratio. Source: X

The analyst said that periods when whale conviction was tested by ETH prices, it often aligned with long-term bottom zones. The current scenario indicates that large holders are facing greater overall pressure in 2026, even as selective ETH accumulation persists.

$1,500 level for ETH draws trader focus

Ether dropped to $1,510 during Thursday’s 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 the bullish assumptions built up since the 2022 bear market.

Ether/USD, one-week chart. Source: Ardi/X

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, making it one of the altcoin’s longest-standing support zones.

However, not all market participants expect a near-term recovery. Popular 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 and reinforce the broader bearish market structure.