An unidentified Ethereum wallet pulled off a sharp sell-and-rebuy cycle. On-chain analytics platform Lookonchain described it as an “Ethereum OG” wallet. It sold 60,000 ETH at roughly $2,040 each. Then it bought back 35,723 ETH at around $1,563. That’s a 23% price improvement between exit and re-entry.
Lookonchain tracked the rebuy at approximately $55.8 million over two days. The original 60,000 ETH sale at $2,040 generated gross proceeds near $122 million. Bitcoin.com News and BanklessTimes both pegged the full round-trip at roughly $188 million. Neither outlet explained the exact methodology behind that number.
The on-chain community noticed immediately. Signal aggregator LunarCrush tracked 66,583 interactions on the Lookonchain post covering this wallet. It was the highest-engagement post in the Base Ecosystem category that day. ETH was up 4.2% the same day the story broke. Blended sentiment sat at 82%, per LunarCrush.
The raw numbers aren’t the whole story. The execution was precise. The $1,600 to $2,100 band has been contested territory for ETH through 2025 and into 2026. Macro uncertainty hit it. ETF flow shifts hit it. Risk-off conditions hit it repeatedly. Sophisticated on-chain actors watch exchange net flows, funding rates, options open interest, and large-wallet accumulation patterns. They use those signals to find inflection points inside ranges like this one.
Lookonchain cited three wallet addresses tied to the activity. All are publicly verifiable on-chain. The wallet holder’s identity is unknown. Lookonchain’s “OG” label typically refers to wallets with history dating to Ethereum’s early days or the 2017-2018 cycle. That characterization hasn’t been independently verified from on-chain age data.
Gate News reported the sell-down reached 60,000 ETH by early June. Smaller tranches went out across multiple days before the full position was exited.
The rebuy looks recent or still ongoing. Lookonchain’s feed showed 35,723 ETH as of June 7. It’s unclear if the wallet’s still accumulating toward its original position size. The on-chain analytics community’s watching closely.
