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According to on-chain data, an Ethereum ICO participant has reawakened after nine years of dormancy. According to blockchain analytics firm Lookonchain, the long-inactive address, which participated in Ethereum's initial coin offering (ICO) in 2014, has taken action for the first time in almost a decade.

The address in question initially received 500 ETH during Ethereum's ICO, when the price was around $0.31 per ETH. At that time, the total cost of the ETH stash was just $155. Fast forward to today, and the value has skyrocketed to nearly $1.25 million, representing a whopping 806,351% gain.

In a tweet, Lookonchain reported: "An Ethereum ICO participant woke up just now after 9 years of dormancy. This guy participated in the Ethereum ICO 9 years ago and received 500 ETH (cost was only $155, now worth $1.25 million), and the ICO price was $0.31."

The reawakening was significant as the Ethereum large holder took a surprising action rather than sell the entire stash.

According to Lookonchain, the said ETH address transferred 0.1 ETH to a new address, which it speculates might be a transfer test possibly indicating that major transactions could follow. The whale's next move remains unknown and will be closely monitored by the market.

ETH price action

Ethereum recovered from sharp losses on Tuesday following a major sell-off after risk aversion in global markets spilled into cryptocurrencies. The rout is the first big stress test for digital assets since a group of spot-Bitcoin and Ether exchange-traded funds debuted in the United States in January and July.

Ethereum rose to above $2,550 in Tuesday's trading session while Bitcoin edged back up to $56,000. The moves signal a partial rebound after Monday's huge sell-off, which saw Ethereum sink to its lowest point since 2021.

At the time of writing, Ethereum was sustaining its rebound, up 2.66% in the last 24 hours to $2,522 as the crypto market continued to recover.

However, the gains in Bitcoin, Ethereum and other cryptocurrencies may be short-lived without a major improvement in the macro-economic environment, a factor that will be closely monitored in the coming days.