TLDR
- An Ethereum ICO-era whale wallet activated after 10 years, showing $2.4 million gains from a $310 investment
- Another dormant wallet transferred $12.1 million in ETH to Kraken exchange
- Analyst Cyclop predicts ETH could reach $4,000 this summer as short positions hit all-time highs
- Standard Chartered cut its 2025 ETH price target to $4,000 from earlier forecasts
- Ethereum accumulation reached new cycle highs despite the token trading 49% below its all-time high
Ethereum has captured market attention as dormant whale wallets from the 2014 ICO era begin to reactivate. A wallet that had been silent for 10 years suddenly moved 1 ETH, revealing massive gains underneath.
The wallet owner originally invested around $310 during Ethereum’s ICO phase when ETH traded between $0.31 and $0.40. That investment is now worth approximately $2.44 million, representing a 787,000% return.
An #Ethereum ICO participant woke up after ~10 years of dormancy and transferred 1 $ETH out an hour ago.
He received 1,000 $ETH(costing $310, now worth $2.44M) at #Ethereum Genesis.
The ETH ICO price is ~$0.31.https://t.co/RTcdDD48ez pic.twitter.com/hlJKpClkSO
— Lookonchain (@lookonchain) June 29, 2025
This reactivation isn’t happening in isolation. Another long-dormant address recently transferred $12.1 million worth of ETH to Kraken exchange. These movements are creating discussion about potential sell pressure in the market.
Ethereum currently trades at $2,497 with a 24-hour trading volume of $18.10 billion. The token has gained 2.74% in the past day but remains down 49% from its all-time high reached in late 2021.
Analyst Sees Major Rally Coming
Crypto analyst Cyclop has expressed strong bullish sentiment for Ethereum, targeting $4,000 this summer. He points to several factors supporting his outlook.
6/➮ On-chain Metrics
✧ Currently, ETH is leading or in the top rankings across most on-chain metrics:
– Top 2 by Fees
– Top 1 by Bridged Net Flows
– Top 3 by Stablecoin Supply ChangeThere are many more metrics where ETH is on top, making it hard to fade $ETH rn pic.twitter.com/mCTKu4OuZq
— 𝗰𝘆𝗰𝗹𝗼𝗽 (@nobrainflip) June 29, 2025
Short positions on Ethereum have reached all-time highs, similar to a previous spike that occurred weeks ago. Cyclop views this as creating favorable conditions for a rally.
The analyst highlighted the recent Pectra update, which enhanced Ethereum’s transaction capabilities and improved staking options. This upgrade has reportedly increased demand for the cryptocurrency.
Cyclop also noted that major corporations and banks are beginning to purchase and stake Ethereum. This institutional adoption could drive further price increases.
On-chain metrics support Ethereum’s position as the second-highest cryptocurrency by fees. It also leads in bridged net flows and ranks third in stablecoin supply changes.
Accumulation Hits Cycle Highs
Despite market headwinds, Ethereum accumulation has reached new cycle highs. This suggests strong confidence from existing holders even as the token underperforms Bitcoin.
Bitcoin’s dominance has steadily increased this year, leaving Ethereum and other altcoins struggling to regain momentum. ETH’s relative underperformance compared to Bitcoin has become a defining narrative in crypto markets.
Standard Chartered recently revised its 2025 price target for ETH to $4,000, down from earlier bullish forecasts. Even this conservative target appears optimistic given current market conditions.
Cyclop has reallocated some Bitcoin holdings into Ethereum and other altcoins. His initial target for Ethereum is $3,000, where he plans to take profits, followed by sell orders between $4,000 and $6,000.
The analyst believes Ethereum rallies often trigger broader altcoin surges. Historical patterns suggest investment flows into ETH before spilling over into smaller tokens.
Ethereum’s market cap currently stands at $302.23 billion. The token has shown a 12% price increase over the weekly timeframe.
Early ICO investors received between 1,337 to 2,000 ETH in exchange for one Bitcoin during the initial offering. These early positions now represent massive wealth creation for holders who maintained their positions.
The reactivation of dormant wallets from Ethereum’s earliest days highlights the long-term value creation in cryptocurrency markets. Current holders are watching to see if these movements indicate broader selling pressure or simple portfolio management.