An early large Ethereum (ETH) investor has moved a wallet that had been inactive for nearly 9 years and started taking profits.

On Sept. 29, blockchain outlet U.Today reported that the investor bought 3,000 ETH in 2017 at an average of $18.8 and recently began selling part of the holdings near the peak of a quarterly rally.

Lookonchain data showed the address withdrew 3,000 ETH from Gemini at the time, with an initial investment of $56,500. This week it transferred another 1,000 ETH to a Kraken deposit address. So far it has sold 2,000 ETH at an average of $3,096, recovering $6.19 million, and 1,000 ETH remains in the wallet. Net profit based on the amount sold was put at $8.8 million.

The profit-taking comes alongside unusually strong third-quarter gains for Ethereum. CryptoRank quarterly data showed Ethereum posted a 72.7 percent return in the third quarter of 2026, a record high. It fell 29.1 percent in the first quarter and dropped 25.3 percent in the second before rebounding sharply in the third.

Ethereum has been seen as weakest and most volatile in the third quarter. The historical average return was 9.11 percent and the median was 4.55 percent. This rise also topped the 59.2 percent gain in the third quarter of 2020. That suggests the current price range is acting as a selling point for long-term holders.

Other large holders also showed similar moves. In the last week of September, an investor who has built a position since 2023 moved more than 112,000 ETH to Bitfinex, and an over-the-counter sale of 42,005 ETH also took place. On the Bitcoin network, two wallets that had been dormant for more than 4 years each moved about 4,500 BTC to new addresses. The combined amount moved by the two wallets was cited as about $380 million.

The market has not yet been shaken despite large movements by long-term holders. That is because a trend continues in which institutional inflows absorb selling pressure. Sosovalue and Farside Investors data showed regulated spot Ethereum ETFs posted net inflows for 7 straight sessions, and the latest tallied weekly inflows topped $689.8 million.

Total assets under management in spot Ethereum ETFs have also risen to $17.69 billion. That is about 5.4 percent of Ethereum's total market capitalisation. Even as long-term whale holders take profits, ETF money is providing support, making how much additional selling Ethereum's price can absorb a key point for the market to watch.