Four Ethereum wallets that received 37,602 (ETH) in 2018 at roughly $830 per coin broke years of dormancy on Friday, beginning to sell into one of the deepest drawdowns of the current cycle and locking in substantially less than the positions' peak unrealized value, onchain analysts flagged.

The wallets sold 33,623 ETH over roughly four hours at approximately $1,560 per coin, generating around $52.5 million in proceeds and leaving them with a profit of approximately $27.4 million, according to Arkham data flagged by onchain analysts Lookonchain.

Given current market conditions, the timing sharpens the sting.

During both the 2021 and 2025 bull markets, the wallets' unrealized profit exceeded $150 million, more than five times what they ultimately realized.

Ethereum hit an all-time high of approximately $4,946 in August 2025 before sliding back toward current levels, which sit below $1,560 as of Friday, The Block's ETH price page shows.

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The four wallet addresses — 0x71B...D412f, 0x92a...ae49D, 0x6C7...5C327, and 0xffd...5BeE5 — have remained dormant for roughly eight years before moving their positions today.

The sale adds to a pattern of long-dormant Ethereum wallets waking into a falling market.

An Ethereum OG sold $31 million worth of ETH in March after a decade-long hold, reportedly via Coinbase. In April, an ICO-era participant moved 10,000 ETH, worth around $23 million at the time, to a new address after more than ten years of dormancy.