A long-dormant Ethereum whale wallet deposited 50,000 ETH, worth approximately $145 million, into Gemini today after 9 years of inactivity, according to data tracked by Lookonchain.

The transfer marks the first activity from this address since July 2017, when the investor accumulated 135,000 ETH from Bitfinex at approximately $90 per ETH. The holding has appreciated 32x.

Large movements from dormant wallets often attract attention in crypto markets, where such transfers can signal potential selling pressure or portfolio rebalancing by early adopters.

After sending funds to Gemini, it still holds over 85,000 ETH, worth about $247 million, indicating strategic profit-taking rather than a complete exit, with no selling detected on-chain.

The whale’s activity comes as risk assets have struggled amid increased safe-haven demand, with the total crypto market down 1% in the last 24 hours and Bitcoin sliding to under $88,000.

Other major crypto assets like Ethereum have also experienced a downturn. ETH was hovering around $2,800 at press time, down nearly 2% in the past day, according to CoinGecko.