An early ether ETH investor just rejoined the market’s economic layer with one of the largest staking deposits in recent memory.

On-chain data flagged 150,000 ETH, worth about $646 million, moving from three wallets tied to Ethereum’s 2014 initial coin offering into a staking address on Thursday evening.

The wallets had been inactive since February 2022, when they processed non-ETH transactions.

The investor originally received 1 million ETH during the ICO for a $310,000 outlay — effectively buying ether at $0.31. That position is now valued near $4.3 billion, according to Lookonchain data.

Even after this week’s movement, two wallets still hold another 105,000 ETH, worth $451 million.

It’s the latest in a string of resurfacing ICO whales. Last month, one participant transferred $19 million in ETH to Kraken, while another moved 2,300 ETH to the exchange.

Traders view such transactions as signals of long-dormant supply entering circulation, though in this case the funds were staked rather than sold.

Ethereum’s staking layer has swelled past 33 million ETH this year, with older investors increasingly participating as yields stabilize and the network’s proof-of-stake model matures.