Ethereum ICO participant moves $646 million in ETH to staking address after three-year dormancy

An Ethereum whale that had been dormant for more than three years moved 150,000 ETH to a staking address on Thursday.

According to on-chain data cited by EmberCN, three addresses that participated in Ethereum's initial coin offering (ICO) were seen moving a combined amount of $646 million worth of ether on Thursday evening ET.

Prior to Thursday's move, the three addresses were last active in February 2022. Their transactions were unrelated to ether.

Several Ethereum ICO whales have recently resurfaced, moving funds amid growing bullish sentiment around ether. In August, an Ethereum ICO participant transferred around $19 million worth of ETH to Kraken, then further offloaded 1,060 ETH in the following days. Another Ethereum ICO address was spotted sending 2,300 ETH to Kraken last month.

The Ethereum ICO, held from July 22 to September 2, 2014, raised about $18.3 million by selling over 60 million ETH tokens at an average price of $0.31 per ETH.

Ethereum traded down 1% in the past 24 hours at $4,331 as of 1:20 a.m. ET Friday, according to The Block's crypto price page . Meanwhile, bitcoin climbed 0.7% to trade at $111,519.