Why Are OG Crypto Whales Cashing Out? Early ETH Holders Move Millions

On-chain data from earlier today indicated that another ETH holder from the project’s initial days has taken profits after nearly a decade of holding, turning a relatively modest investment of $56,000 into more than $7 million.

The transaction follows several recent moves by some of the oldest wallets in the crypto industry, including ETH addresses dormant for approximately a decade.

Lookonchain noted on Friday that an Ethereum OG sold 3,000 tokens worth over $7.2 million. The unknown investor acquired the funds nine years ago ar under $19 apiece, meaning the position generated a return of nearly 130x.

An #EthereumOG who bought 3,000 $ETH($7.23M now) at only $18.83 nine years ago sold today, making a 128x return!

https://t.co/tUMi07RLsy https://t.co/jG32qwjdQk

— Lookonchain (@lookonchain) October 23, 2026

Earlier this month, another early ETH holder deposited 6,369 ETH worth about $16 million to Kraken after accumulating the stash at $14 each. An Ethereum ICO participant, on the other hand, moved 13,330 ETH (worth well over $36 million) to Coinbase during October as well. The wallet originally obtained 170,000 during the 2015 ICO at $0.31 per token.

These transfers come in a rather interesting time for the underlying asset. Ethereum’s token soared from under $2,000 to $2,800 in a few months before its ascent was stopped. It slipped to $2,300 during the most recent market-wide pullback, before recovering to $2,400 as of press time.

More on the OGs moving out: Back in August, another ICO investor transferred all 2,000 tokens, worth $3.77 million at the time, to Coinbase, roughly 11 years after buying the tokens for just $622. This translated into an increase of more than 6,000x.