An early Ethereum investor has moved their entire $120 million portfolio into a staking contract after nearly ten years of inactivity, signaling a strong conviction in the network’s future. The wallet, which acquired 40,000 Ether (ETH) for approximately $12,000 during Ethereum’s genesis launch in July 2015, had remained dormant until this recent transaction.

The move comes amid ongoing discussions about the activity of large, long-term crypto holders, often called whales. While any significant fund movement from an old wallet can stir market speculation, this investor chose to double down on their commitment to the blockchain rather than cashing out.

Mixed Strategies Among Early Adopters

This decision to stake contrasts with the recent actions of other early Ethereum investors. One wallet that had accumulated 254,908 ETH during the Initial Coin Offering (ICO) began selling its holdings on November 26, gradually reducing its position. Similarly, another early holder who gathered 154,076 ETH starting in 2017 recently transferred 18,000 tokens to the Bitstamp exchange after previously selling 87,824 ETH at an average price of $1,694.

However, staking remains a popular strategy for some of the largest players. In September, another major ICO wallet woke up after eight years and moved 150,000 ETH from its one million token stash into a new wallet designated for staking.

Top Wallets Continue to Accumulate

Despite some early investors taking profits, broader market data reveals a clear trend of accumulation among the wealthiest addresses. According to blockchain analytics firm Glassnode, the supply of Ether held by the top 1% of addresses has increased to 97.6% from 96.1% a year ago.

Data from Arkham Intelligence further highlights this concentration. The largest single holder of Ether is the Eth2 Beacon Deposit Contract, which secures the network through staking and holds 72.4 million ETH, worth over $203 billion and representing about 60% of the total supply. The crypto exchange Binance is the second-largest holder with four million ETH, followed by asset manager BlackRock, which holds 3.9 million ETH.