Nearly 10 years after first backing Ethereum, one of the network’s earliest supporters has reappeared with a big on-chain move. According to Lookonchain.
A wallet linked to the 2014 Genesis sale, which bought 20,000 ETH for just over $6,000, has transferred 2,300 ETH in one go. The move is worth about $10 million and leaves more than 1,600 ETH still in the wallet.
The timing stands out. Ethereum just broke out of a chart pattern that’s been in place since 2021, a signal many technical analysts associate with the start of strong rallies. Some traders are already setting targets near $15,000 if momentum continues.
Other “whales” have sent over $16 million in ETH to exchanges like Kraken in recent days. Capital seems to be rotating toward Ethereum over Bitcoin, which some view as the early stage of “altcoin season.” Institutions are also reportedly adding exposure through treasury purchases and speculation around ETFs.
On-chain data show the amount of ETH on exchanges keeps falling, which has historically supported price when demand rises.
Ethereum is now trading at its highest level since late 2021, recently topping $4,300 on August 11, 2025. That puts ETH within roughly 10–12% of its November 2021 all-time high around $4,870. With spot Ether ETFs now trading in the U.S., many analysts say a decisive break above the $4,860 resistance could open the door to fresh records.