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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The Ethereum network saw a notable move from a wallet dormant for a full decade, with its owner liquidating roughly 10,000 ETH worth more than $23 million in approximately one hour. The holding dates back to Ethereum's launch era, when the wallet's initial cost basis was only about $3,100 — roughly $0.31 per ETH. The sell-down executed while ETH traded near $2,300, with a reference quote at $2,359.40 per reports.
The move reflects a broader profit-taking pattern among the earliest large holders after years of accumulation, with the position multiplying thousands of times in value since the pre-launch period. Analysts frame the event as a "stress test" of support rather than a definitive market top: a single legacy wallet does not by itself confirm a cycle peak, but it signals willingness from first-era holders to realize gains at current prices.
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Sign InMarkets are watching whether the $2,300 ETH support holds after this liquidation. The next major catalyst is the U.S. Consumer Price Index (CPI) release on May 13: inflation prints will set risk appetite for digital assets and dictate whether the sell-down extends to other dormant wallets or gives way to a fresh accumulation phase.