The crypto market suffered one of its sharpest weekly selloffs of the year, with Bitcoin and Ethereum both sliding to fresh yearly lows as billions of dollars were erased from the market. Bitcoin hit a new yearly low of $58,126, wiping out $150 billion in market cap. Ethereum dropped to $1,510, erasing $31 billion in value.
Against that backdrop, four Ethereum wallets that had been dormant for eight years suddenly came to life and began selling.
These wallets originally received 37,602 ETH eight years ago at an average price of around $0.83 per token, giving them a cost basis of roughly $830 in total. During the 2021 and 2025 bull markets, their unrealized profit exceeded $150 million. They held through both peaks without selling a single coin.
This week, with Ethereum trading near $1,560, they began offloading. Over just four hours, the wallets sold 33,623 ETH worth approximately $52.46 million. After eight years of patience and two missed peaks above $150 million in profit, they are walking away with roughly $27.4 million, a fraction of what they could have made.
While the OG holders were heading for the exit, fresh money was moving in. A newly created wallet received 18,361 ETH worth $28.91 million and 152,986 HYPE tokens worth $9.73 million from institutional crypto platform FalconX over the past nine days.
F2Pool co-founder Chun Wang also made significant moves, buying another 9,937 ETH for $15.5 million and 147 wrapped Bitcoin for $8.74 million in a single day. Over the past month, Wang has withdrawn a total of 86,998 ETH worth $152 million from Binance at an average price of $1,749, alongside 973 WBTC worth $60.7 million at an average of $62,418.
SharpLink added to the buying activity, purchasing another 5,000 ETH for $7.88 million.
(adsbygoogle = window.adsbygoogle || []).push({});For Ethereum specifically, the broader picture is sobering. According to on-chain analyst Joao Wedson, Ethereum’s current bear market is already the second longest in its history. The 2018 bear market lasted 335 days. The 2022 bear market lasted 222 days. The current one has already stretched to more than 282 days.
What makes the pattern more concerning is the trend in recovery times. After the first bear market, Ethereum took 267 days to reach a new all-time high. After the second, it took 1,106 days. After the most recent cycle, it took 1,382 days.
Although Ethereum’s bear markets have varied in length, Wedson noted that each cycle has taken longer to reach a new all-time high. Based on that trend, he estimated that if Ethereum required another 1,382 days from its August 2025 peak, a new record high would not arrive until around June 2029.
Related: Ethereum Backs Alex Pertsev as Tornado Cash Appeal Revives Developer Liability Debate
