• An early ICO participant staked 150,000 ETH worth $656M into Ethereum 2.0 after 8 years inactive.
• The whale originally received 1M ETH in 2014, now valued at $4.3B, with most holdings untouched.
• Deposits were split into six batches of 730 ETH each, creating a traceable on-chain record of activity.

A long-dormant Ethereum address tied to the project’s initial coin offering resurfaced this week with large movements. Blockchain data shows the participant staked 150,000 ETH, valued at $656 million, into the Ethereum 2.0 deposit contract. The activity took place after eight years of dormancy, marking one of the most notable validator-related transactions recorded in recent months.

Large Transfers Preceded the Deposits

Before the staking began, a Cointelegraph post confirms that the address received three separate inflows totaling 150,000 ETH. Each inflow carried 50,000 ETH, with an estimated value of $218.64 million per transfer. These funds arrived from wallets labeled as “ETH Millionaire” and were consolidated before being distributed to the staking contract. Records confirm that all three transactions occurred within the same general timeframe, moving hundreds of millions in value on-chain.

Following the consolidation, the wallet executed six deposits of 730 ETH each into the Ethereum 2.0 deposit contract. Every transaction was valued at $3.19 million at the time of transfer. In total, 4,380 ETH moved into the deposit contract during this session. The deposits were consistent in size, reflecting a structured approach to staking activity across the monitored period.

Historical Holdings and Current Valuation

The participant originally received one million ETH across three wallets during Ethereum’s ICO in 2014. At that time, the combined holding was valued near $310,000. Based on current prices, the total allocation now carries a value of approximately $4.3 billion. The recent staking represents only a fraction of the overall balance, leaving the participant with significant remaining holdings outside the staking contract.

Ethereum’s 2.0 deposit contract secures tokens for validators operating under the proof-of-stake model. Funds placed in the contract are locked and support the consensus process. The 150,000 ETH deposited by the early participant stands among the largest single commitments to Ethereum staking in recent history. The transaction reduced liquid supply in circulation by moving tokens into long-term validator use.

Broader Market Context

Movements from dormant wallets are closely tracked across the crypto market, particularly when they involve ICO-era addresses. Transactions of this size can affect liquidity by removing a substantial amount of ETH from immediate trading availability. Compared with average staking contributions, this allocation is considerably larger and underscores the scale of holdings from early Ethereum investors.

The sequence of transactions created a clear on-chain trail of activity. First, funds were received from older wallets, then consolidated, and finally distributed through systematic deposits. Each step remains visible on blockchain records, confirming the movement of 150,000 ETH into Ethereum’s staking mechanism. The early participant continues to control substantial holdings, while only a portion has been directed toward staking.