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Ethereum's oldest wallets sold 33,623 ETH near $1,560, testing buyer conviction with $52.5 million in sales, as ETF outflows complicate absorption
Four long-dormant Ethereum wallets have sold most of a 37,602 ETH stash near $1,560, turning Ethereum's drawdown into a test of whether fresh demand can absorb old-holder supply [2]. The sales matter because Ethereum's recovery now depends on spot buyers absorbing old-holder supply near the $1,500 zone, with the market proving whether buyers will step in before old supply weighs further.
| At a glance | |
|---|---|
| Price | $1,560 |
| 24h % move | -1.5% |
| Key level | $1,500 support |
| Catalyst | Dormant wallet sales |
The wallets received 37,602 ETH about eight years ago and have remained quiet amid much larger unrealized gains [2]. They have now moved 33,623 ETH, worth roughly $52.5 million, according to Lookonchain, at an average price of around $1,560. ETH was trading near $1,575 at the time. The sale puts a sharper edge on Ethereum's weakness, with long-term holders who sat through prior bull-market exits now supplying the market at levels well below peak-cycle prices.
The $1,500 area is less of a simple price level and more of a conviction floor, as a market can absorb old coins when new demand is expanding, but the same supply becomes heavier when buyers are hesitant [2]. ETF outflows complicate the absorption story, with US spot ETH funds recording net outflows from June 22 through June 26, removing one of the cleaner channels for fresh spot demand while the market was already digesting dormant-holder supply [2].
Ethereum still has the deepest on-chain base in crypto, with DefiLlama data showing Ethereum with about $37.2 billion in DeFi TVL and more than $155 billion in stablecoins on the network [2]. However, rival layer-1 activity keeps the test under pressure, with Solana and other competing chains continuing to frame themselves around faster consumer and trading activity. Georg Harer, co-CEO at Bybit EU, believes that regulatory clarity in European markets could pave the way for the next crypto rally, with MiCA regulations potentially driving liquidity from traditional markets [3].
| Token | DeFi TVL | Stablecoins |
|---|---|---|
| ETH | $37.2 billion | $155 billion |
The real significance of the dormant-wallet sales lies in their ability to test buyer conviction, with the market waiting to see whether spot buyers will step in to absorb old-holder supply [2]. As the market navigates this test, the outcome will depend on the interplay between old supply, new demand, and regulatory clarity, with the $1,500 level serving as a crucial benchmark for Ethereum's near-term prospects.
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The bot was exploited through a counter‑MEV attack that used fake token contracts to bait approvals and drain assets, resulting in losses estimated between $7.5 million and $15 million.
The wallets sold 33,623 ETH, worth roughly $52.5 million, at an average price of about $1,560 per ETH, when ETH was trading near $1,575.
It would allow validators to signal a redirect rate of 0%‑10% of their staking rewards toward ecosystem funding, potentially becoming mandatory if a majority supports a non‑zero rate.
No, the proposal remains on the Ethereum Research forum, has not become an EIP, and is described as early‑stage.
Net outflows from spot ETH ETFs reduce a channel of institutional demand, making it harder for the market to absorb supply from dormant wallets.