Ethereum whale wakes up with large Gemini deposit

Onchain monitors also linked the address to a much larger historical position, saying it withdrew about 135,000 ETH from Bitfinex roughly nine years ago and still held about 85,000 ETH after the 50,000 ETH transfer. At current prices, that balance alone is worth well over $200 million, meaning any further transfers to exchanges could materially affect spot liquidity if converted to cash.

The deposit drew attention because moving a large balance onto a centralized exchange can increase immediately available liquidity relative to leaving tokens in cold storage. Market participants typically interpret such transfers as a possible prelude to selling, though intent cannot be confirmed from onchain data alone and exchange deposits do not guarantee that a holder will sell.

Ethereum’s price action on the day was mixed. ETH traded around the high-$2,800s to low-$2,900s, with intraday swings reflecting broader market caution as the whale transfer circulated among traders.

Large dormant-wallet movements are closely tracked because they can change short-term supply dynamics, especially when they involve exchange inflows rather than transfers between self-custody addresses. In this case, trackers emphasized the combination of long inactivity, the size of the deposit, and the remaining balance still held by the same address.

Addresses that accumulated ETH in the early years of the network often carry extremely low cost bases, giving holders flexibility to realize profits even during pullbacks. When such early wallets become active after nearly a decade, traders tend to reassess short-term supply risk, particularly during periods of softer market momentum.

The move also comes as Ethereum faces broader crosscurrents, including cautious sentiment across crypto markets and ongoing debates around ETF flows, staking economics and network upgrades. Against that backdrop, large exchange deposits from long-dormant wallets are frequently viewed as tactical rather than incidental, even when no immediate selling follows.