Former ConsenSys ambassador Russell Verbeeten is moving a very old ETH stack again.According to on-chain monitoring, he withdrew 20,426 ETH, worth around $37.26M, from Aave and split it across 10 new addresses. Around 4,144 ETH has already been sent to the Coinsquare exchange, while the remaining ETH has not been moved or sold yet. The interesting part is that these coins reportedly trace back nearly 10 years, with an estimated cost basis around $5.6 per ETH.
This does not automatically mean a full sell-off is happening.But when old ETH wallets wake up, especially after a long quiet period, the market pays attention. Moving coins from Aave can mean portfolio restructuring, collateral changes, custody changes, or partial profit-taking. The exchange deposit is the part traders will watch more closely, because exchange inflows can sometimes create short-term sell pressure.
$PORTAL $EPIC For me, the key point is simple:Old whales do not move randomly.Even if the remaining ETH is not sold yet, this kind of movement reminds us that Ethereum still has many early holders sitting on massive unrealized gains. When they move, it can affect sentiment before it affects price.
The real question now is whether this is just wallet management, or the start of more old ETH supply coming back into the market.
#ETH #OnChain #CryptoMarket