Ethereum investors are on high alert after a wallet linked to Ethereum co-founder Joseph Lubin suddenly moved more than $121 million worth of ETH following years of inactivity. The transfers have sparked speculation that Lubin could be preparing to dump ETH.
Blockchain analytics platform Arkham Intelligence flagged a series of transactions involving a wallet associated with Lubin that holds roughly 243,300 ETH, worth around $370 million at current prices.
According to Arkham’s data, the wallet transferred a total of 80,001 ETH, valued at approximately $121.6 million, through two separate transactions of 40,000 ETH each.
What caught traders’ attention was not just the size of the transfers, but the timing. The wallet had remained largely inactive for more than three years before suddenly coming back to life.
As of now, there is no confirmed evidence that Lubin has sold any ETH. Perhaps the Arkham chart shows the funds moving between wallets rather than being sent directly to major exchanges such as Coinbase or Binance, where assets are typically deposited before a sale.
No public statement from Lubin or Consensys has suggested that the transfers were linked to a liquidation plan.
Despite this, the move quickly sparked fears that Lubin could be preparing to offload part of his holdings
Because, just days ago, Bankless co-founder David Hoffman revealed that he had sold his entire ETH position, although he stressed that he remains bullish on Ethereum’s long-term future.
Even the Milk Road analyst m0xt also disclosed that he had exited his ETH holdings, while another early Ethereum investor recently sold more than 55,000 ETH and nearly 9,500 wstETH.
Institutional demand has also weakened. Spot Ethereum ETFs recorded roughly $1 billion in cumulative outflows during a prolonged selling streak, highlighting declining investor appetite.
As of now, ETH is trading around $1576 remains nearly 70% below its all-time high of $4,953.
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