Ethereum OG will dump another 501 ETH after two years of dormant.

X Social Media Network analytics account, Lookonchain shares data about two recently awakened Ethereum wallets that have remained in hibernation for several years. They were revitalized, so they began selling dormant ETH coins.

Both of these whales are selling a significant amount of Ethereum this week.

Ethereum OG and ETH ICO whales return from dormancy

Lookonchain reports that this Ethereum OG continues to sell his ETH stash. A few hours ago he sold the first one ETH as a test transfer, moving 500 ETH to sell. This amount of Ethereum is worth an impressive $1.29 million.

According to data sources, the whale has returned to activity after staying dormant for two years. In 2023, the whale sold two crypto batches, 2,286 ETH and 1,500 ETH, for $4.32 million and $2.83 million.

A tweet published on Monday by the aforementioned data source revealed that in 2014 participants in the Ethereum Early Coin Offering (ICO) remained dormant for about 10 years.

According to the tweet, he has sold 2,000 ETH for around $5.13 million over the past few days. On Monday, Ethereum, the second-largest cryptocurrency, rose 6.65% on Sunday, falling more than 5% after surpassing the $2,680 level. At the time of writing, ETH has changed hands to nearly $2,580.

Ethereum ETF loses $10 million

On June 16, the Spot Ethereum ETF was hit hard as it witnessed a massive cumulative spill of nearly $10 million in one day.

The biggest outflow was facing the Fidelity Ethereum Fund ETF. This lost 3,496 ETH, worth $9,035,971. The Investco Galaxy suffered a withdrawal of 172 ETH, resulting in the loss of $444,392, the equivalent of FIAT.

78 ETH was withdrawn from the grayscale Ethereum Trust, and the grayscale Ethereum Minitrust lost 2 ETH. The remaining spot Ethereum ETFs have now had zero inflows. Still, while daily Netflow was negative (minus 3,748 ETH), the weekly Netflow tested mostly positive, totaling 191,057 ETH.