Ethereum Whale Dumps ₱1.86 billion ($31 million) After 10-Year Hold

On-chain researcher The DataNerd flagged a dormant Ethereum whale who deposited 15,000 ETH to Coinbase, valued at roughly ₱1.86 billion ($30.97 million). Arkham Intelligence had earlier spotted the transfer based on its size and timing.

The wallet still holds 14,800 ETH worth about ₱1.83 billion ($30.5 million). This whale originally used a dollar-cost-averaging strategy to accumulate tokens on Poloniex, making the current holdings a massive paper gain. When large ICO whales move holdings to exchanges, traders typically interpret it as preparation for a sale.

Another early holder known as "EthereumOG" sold 15,002 ETH on March 23, according to blockchain analytics platform Lookonchain. That wallet received 172,700 ETH a decade ago at $12.83 per coin — a $2.2 million investment at the time. The remaining stack is now worth $356 million, reflecting an unrealized gain exceeding 16,082%.

ETH jumped back above $2,100 despite the selling pressure, but the token still dropped more than 5% over the past seven days per CoinMarketCap data. The DataNerd said the whale may be looking to sell or trade based on the transfer's size and timing. Whether ETH holds $2,100 or slides toward $2,000 will likely depend on whether more dormant wallets follow this pattern.

The timing stands out because whales had been accumulating just last week, reversing what had been a year-long selling trend. One unnamed entity bought 50,706 ETH for $111 million in early 2025, pulling supply off exchanges. Another wallet dumped 16,924 ETH in 30 minutes at an average of $1,889 on March 26, moving $32 million in what Lookonchain described as a test of buy-side liquidity.