Dormant Ethereum Wallets From 2018 Cash Out $27M After Watching $150M Gains Disappear
Four early Ethereum wallets that had been sitting untouched since 2018 have finally moved their holdings, according to data tracked by onchain analysts. The wallets collectively held 37,602 ETH and have now been liquidated, with holders walking away with an estimated $27 million in profit.
What makes this story particularly striking is not the exit itself, but what these wallets witnessed before finally pulling the trigger. At the height of Ethereum's bull run, the unrealized gains on these positions swelled to an eye-popping $150 million. The decision to hold through that peak — and watch those paper profits shrink — is a testament to just how volatile the crypto market can be, even for long-term holders.
These wallets qualify as so-called "OG" addresses, meaning they were established during Ethereum's early days and held their assets through multiple full market cycles without selling. Sitting on a position for roughly eight years while the asset experienced extreme swings in both directions requires a level of conviction — or perhaps stubbornness — that most retail investors rarely demonstrate.
The $27 million in realized profit, while significantly lower than the $150 million peak valuation, still represents a substantial return on what would have been a comparatively small initial investment back in 2018. At that time, ETH was trading at a fraction of its current price, meaning the original cost basis for these wallets was likely minimal.
Onchain analysts were able to trace the movement of the funds and calculate the approximate profit by comparing the wallet's acquisition price against the current market value at the time of sale. This type of blockchain transparency is unique to crypto markets and allows observers to track even the most dormant of wallets the moment they spring back to life.
This event adds to a growing pattern of long-dormant crypto wallets awakening in 2025, often triggered by renewed market activity or personal financial decisions by early adopters. For the broader Ethereum community, such large sell-offs can signal shifts in sentiment among the network's earliest supporters — a data point that traders and analysts closely monitor.
Whether the decision to sell now rather than during the $150M peak will be viewed as a costly misstep or a still-impressive payday largely depends on one's perspective. Either way, the move closes a chapter that lasted nearly a decade.