Doormant Ethereum ICO Wallet Wakes Up with a $5.2 million Transfer

• The long-term Ethereum ICO whales have moved 2,000 ETH worth $5.2 million to Exchange Binance.
• Ethereum Exchange reserves are decreasing, and Netflows remain negative, indicating accumulation.
• Cup and handle patterns appear on ETH charts, and moving beyond the resistance price of 2,950 can cause price increases.

The Ethereum whales, which have long periods of inactivity, have transferred over $5.2 million of 2,000 ether to more than $5.2 million, as data from the on-chain lens shows. Crypto wallets associated with Ethereum ICOs have maintained tokens for almost ten years.

This transfer is 8,367 times the return of just $622 on the original purchase. Small transactions have previously been reported with similar addresses of only 0.002 ETH, indicating phase-by-phase reactivation.

The whale movement brings a mysterious element to the current state of Ethereum, as the assets are located around the $2,552 mark and lacks momentum. Weekly returns were fixed at 1.02%, with 24-hour turnover rates falling by 17.4%, down 13.02 billion people. Analysts say the market is still in the consolidation period and is waiting to get a clear signal.

Exchange behavior indicates dryness of the supply

The indicators on the chain indicate that a certain Ethereum supply is away from the exchange. According to Cryptoquant, the situation has worsened, with current exchange reserves of 18.6 million by mid-2022, rather than exceeding 30 million. Such a steady decline over the past two years shows a changing interest in dyeing Cold Storage and Exchange Based Trading Methods.

Netflows also supports this migration. The daily inflow/outflow values ​​in Coinglass reflect the boss’s behavior in Netflows and record a wide period of negative netflows. The June outflow peaked significantly in early June, peaking in over hundreds of millions of dollars. Until then, there is little inflow and investors are reluctant to deposit ETH without knowing which method to jump.

The accumulation trend is also supported by exchange outflow volume. There were substantial amounts of spikes in April and June 2025, with over 2 million ETH spills over a day, with prices below 2,000. These moves tend to come with smart money to buy dips, as opposed to panic-filled sales.

Active addresses are flat but stable

Despite the fluctuating prices, Ethereum’s active addresses count remains stable. This number is estimated to be between 400K and 600K, a consistent number of users. One day, you will occasionally see addresses of over a million people, but most days you can see steady on-chain transactions without speculative surges.

This consistency of usage is a sign of a mature network. Although Ethereum’s central participation is strong, retail punting doesn’t seem over-viewed. This is a scenario in which market participants wait for a larger image of macro conditions and technical displays before taking bold steps.

The cup and handle pattern suggests a possible breakout

Cup and Handle is developed on Ethereum’s weekly charts, and technical analysts are closely monitoring such formations. Prices between mid-2024 and early 2025 fell to create a $2,000 cup. In the first quarter of 2025, round handles began to form, and prices eased to around $2,530. Historically, such patterns promise accumulation before breakout.

Meanwhile, when Ethereum surpasses its $2,950 resistance level, the expected target is around $4,204 by the end of the year. That estimate corresponds to the depth of the pattern and what happened in previous markets.