An original Ethereum ICO participant has transferred $6 million in ETH to Kraken after eight years, realizing a 12,971x return. Meanwhile, Fundstrat-linked Bitmine added $113 million to its Ethereum holdings, pushing its total to over $13 billion.

These developments highlight a sharp divide among major Ethereum holders. While some whales are shorting, others are buying market bottoms with impressive accuracy, underlining contrasting market sentiment.

Dormant Ethereum ICO Wallet Moves After Eight Years

A wallet involved in Ethereum’s 2014 ICO became active after nearly eight years, sending 1,500 ETH (about $6 million) to the Kraken exchange.

Originally, the wallet received 20,000 ETH at Genesis, bought for $6,200. At current prices, its remaining holdings are valued at $80.42 million, a 12,971x return.

Ethereum’s ICO occurred in July 2014. Early investors received 2,000 ETH per BTC for about $0.30 each. Over 60 million ETH were sold during the presale, raising more than $18 million. The genesis block launched on July 30, 2015, starting Ethereum’s blockchain.

This is one of the rare times that an original ICO participant has moved a large sum after such a long period. These actions often point to profit-taking after years of holding. The wallet still holds 18,500 ETH, suggesting the participant maintains long-term conviction.

Ethereum is trading at around $4,001, with a market cap of $482 billion and a 24-hour trading volume of $35.5 billion.

Ethereum (ETH) Price Performance. Source: BeInCrypto

Institutional Accumulation Intensifies With $113 Million Bitmine Purchase

Elsewhere, Bitmine, associated with Fundstrat and Tom Lee, bought 27,316 ETH worth $113 million. This purchase brings its total holdings to 3.34 million ETH, valued at roughly $13.3 billion. The move marks another sizable accumulation.

Tom Lee founded Fundstrat in 2024 and became Chairman of Bitmine Immersion Technologies in June 2025. In just months, Bitmine’s Ethereum and cash holdings grew to $13 billion, making it the largest publicly traded Ethereum treasury company.

Research from Pantera Capital notes that Bitmine’s strategy suggests institutional capital is shifting on-chain, with Ethereum a top choice.

Lee compared Ethereum’s current position to Bitcoin in 2017, saying its ecosystem is entering a phase of rapid institutional adoption.

Bitmine’s approach involves significant Ethereum accumulation, now close to 1% of Ethereum’s supply. Its consistent buying signals a strong, long-term belief in Ethereum’s role in decentralized finance and blockchain infrastructure.

As institutional participation grows, entities like Bitmine are deploying billions. This reflects a larger shift to blockchain assets in treasury strategies, similar to previous trends with Bitcoin.

Whale Traders Split Between Shorting and Precise Bottom Buying

While some whales accumulate, others are taking the opposite view. One trader timed an ETH bottom with outstanding precision, buying twice at exact lows and earning about $29 million. This translates to a 150% gain. The trader bought 8,240 ETH and 6,000 ETH at the market’s nadir, then sold at peaks.

ETH price chart showing precise buy and sell points generating $29M profit. Source: Lookonchain on X

Conversely, another whale has aggressively shorted ETH, betting against the asset even as institutional players buy.

This divergence underlines the uncertain, contrasting outlook on Ethereum’s near-term price direction.

The Ethereum market now presents mixed signals. Large wallets continue making opposing moves, some entering at market bottoms while others take short positions.

This split reveals an ongoing debate around Ethereum’s value, influenced by macroeconomic factors and changing sentiment on decentralized assets.

The gap between institutional accumulation and whale shorting shows Ethereum is at a pivotal point, as major market players prepare for conflicting outcomes in the weeks ahead.