Analytics account on the X social media network Lookonchain has shared data about two recently awakened Ethereum wallets that had remained in hibernation for several years. Now that they are reactivated, they have begun selling their dormant ETH coins.

Both of these whales have sold a significant amount of Ethereum this week.

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Ethereum OG and ETH ICO whale return from dormancy

Lookonchain has reported that this Ethereum OG continues to sell their ETH stash. Several hours ago, they sold first one ETH, as a test transfer, and then moved 500 ETH to be sold. This amount of Ethereum is worth an impressive $1.29 million.

This whale has returned to activity after remaining dormant for two years, according to the data source. In 2023, this whale sold two crypto batches of 2,286 ETH and 1,500 ETH valued at $4.32 million and $2.83 million.

A tweet published by the aforementioned data source on Monday revealed that a participant in the Ethereum initial coin offering (ICO) in 2014, who had stayed dormant for approximately 10 years, awakened and transferred their entire stash — 2,000 ETH — to the Binance exchange.

They sold the 2,000 ETH for approximately $5.13 million over the past few days, according to the tweet. On Monday, the second-largest cryptocurrency, Ethereum, tumbled by more than 5% after soaring by 6.65% on Sunday and topping the $2,680 level. At press time, ETH is changing hands near $2,580.

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Ethereum ETFs lose $10 million 

On June 16, spot Ethereum ETFs suffered a major blow as they witnessed major cumulative outflows of nearly $10 million in a single day.

The largest outflow was faced by the Fidelity Ethereum Fund ETF — it lost 3,496 ETH worth $9,035,971. Invesco Galaxy was hit with a 172 ETH withdrawal, thus losing $444,392 in the fiat equivalent.

Seventy-eight ETH were withdrawn from Grayscale Ethereum Trust, and Grayscale Ethereum Mini Trust lost two ETH. The remaining spot Ethereum ETFs saw zero inflows. Still, while the daily netflow was negative (minus 3,748 ETH), the weekly netflow was largely positive, totaling 191,057 ETH.