Two wallets inactive since 2018 have reactivated and transferred 200,000 ETH (more than $785 million at the time) to two new addresses. This was reported by Lookonchain analysts at X.

According to the analysts, these addresses are linked to the so-called Ethereum-OG, an early investor who mainly obtained his coins through the Bitfinex crypto exchange. In total, he now controls more than 736,000 ETH (roughly $2.89 billion) across eight wallets.

Commenting on the event, an X (formerly Twitter) user under the pseudonym FOMOmeter said:

“Sleeping whales move not to sell but to scare. Transfers like this sow fear in the crowd and that panic creates cheaper entry points for true accumulation.”

Lookonchain also noted that interest from major players in Ethereum is only growing. In the past three days, 16 wallets have received over 431,000 ETH (over $1.7 billion) from crypto platforms Kraken, Galaxy Digital, BitGo, FalconX and OKX.

Earlier we reported that the Ethereum-whale moved 11,104 ETH after about eight years of inactivity.