- An Ethereum Genesis whale sold 3,000 ETH, shifting millions into liquid markets.
- ETH network activity dips as RSI and MACD show weakening trader momentum.
- SUI climbs 1.2% intraday, holding firm as Ethereum whales rotate capital out.
A dormant Ethereum whale linked to the 2015 ICO moved 6,000 ETH worth $9.55 million, triggering a $4.78 million sale. This capital rotation coincided with rising strength in SUI, suggesting a broader shift toward emerging scalable layer-1 ecosystems. The movements were first reported by Sui Intern.
Dormant Ethereum Whale Awakens After 3 Years
On April 18, blockchain data revealed that a Genesis-era Ethereum address reactivated after over 1,000 days of inactivity. The address, originally allocated 76,000 ETH during the 2015 ICO, moved 6,000 ETH to an intermediary wallet before transferring 3,000 ETH to Kraken for liquidation. On-chain records show a cost basis of $0.31 per ETH, indicating a realized gain exceeding $4.7 million.
The transaction cluster included test transfers and wallet warm-ups—two 0.01 ETH and one 0.00998 ETH micro-deposits—suggesting a coordinated internal movement. The selling wallet interacted with Poloniex-linked addresses and several historical counterparties, confirming its association with early exchange-related flows. Overall, the reactivation of this Genesis wallet highlights renewed capital movement from early holders, who are potentially reallocating into newer ecosystems.
Ethereum On-Chain Metrics Point to Weakening Network Activity
Glassnode data supports the weakening Ethereum narrative. Daily active addresses dropped to 432.76K, down 3.65% week-over-week. The RSI hovers near a neutral 47.21, while the MACD histogram remains negative, indicating subdued momentum and minimal speculative interest. These signals align with a broader decline in engagement, reflected in a 30-day price drop of 18.03% to $1,590.10.
CoinMarketCap charts show Ethereum has failed to reclaim its $2,000 level since late March. Multiple rallies were rejected, confirming persistent resistance amid declining liquidity. The 24-hour volume stands at $10.97 billion, down over 19%, while the volume-to-market cap ratio of 5.74% underscores low turnover and fading retail interest.
SUI Outperforms Amid ETH Exodus and Broader Repricing
While Ethereum saw long-term holders exit, SUI gained traction. The SUI token rose 1.21% on April 18, closing at $2.12 despite a 26.22% drop in trading volume. Market cap reached $6.9 billion, backed by 3.24 billion circulating tokens—just 32.4% of its fixed 10B cap. The FDV of $21.25 billion reflects significant locked supply, but investors appear to be pricing in future growth.
SUI’s intraday chart confirmed a bullish structure, rebounding from $2.07 to over $2.15 before consolidating. Despite reduced volume, the token held above key support zones, with volatility suggesting short-term trading strategies are active. As older capital rotates out of legacy chains, scalable chains like Sui are attracting speculative and possibly institutional inflows.
