look on chain spotted This is an unusual move in the Ethereum ecosystem and has sparked widespread speculation in the market. An on-chain analytics platform has highlighted that an Ethereum (ETH) wallet that has been dormant for nine years has suddenly been reactivated with several large transactions.
Unusual capital rotation into Bitcoin Cash
In particular, a wallet that may be associated with ShapeShift exchange CEO Erik Voorhees has been busy for the past 14 days.
Since becoming active, the wallet has sold a total of 4,619 ETH (worth approximately $13.42 million). This high volume has caught the attention of the Ethereum community considering the recent price performance of the asset.
But more concerning is that Voorhees used the proceeds from the sale to buy Bitcoin Cash (BCH). 24,950 BCH has been purchased so far within the period. The sudden increase in turnover from dormant wallets has sparked speculation among online users.
A wallet (0x03b5), presumably linked to Erik Voorhees (@ErikVoorhees), recently exchanged $ETH for $BCH after being dormant for nine years.
In the past two weeks, the wallet has exchanged 4,619 $ETH($13.42M) for 24,950 $BCH. https://t.co/8lywWeQdUW https://t.co/ZL9LgFPXwv pic.twitter.com/eJPrCm6e5A
— Lookonchain (@lookonchain) December 18, 2025
Without a doubt, Voorhees is an early adopter An Ethereum owner, many wondered what caused him to dump his ETH for BCH. If that wallet actually belongs to Voorhees, it is likely that he is no longer confident in Ethereum’s long-term growth trajectory.
It is worth mentioning that when these 4,619 ETH were acquired in 2016, the highest price peak of this asset was around $20. This brings the total assets to less than $100,000 and leaves Voorhees with more than $13.3 million in profits.
Some traders believe this move is bullish for Bitcoin Cash but alarming for Ethereum. In the last 30 days, Ethereum volatility It is prevented from stabilizing above the $3,000 level. This coin faced rejections at $3,400 and $3,200 within this period.
As of this writing, Ethereum is change It was trading at $2,947.82, which corresponds to a decline of 2.34% in 24 hours. It briefly reversed the $3,000 resistance and reached $3,025.82, but suffered a correction during the day’s trading.
Is Ethereum witnessing a system dump?
On the other hand, some community members dismiss this wallet’s capital rotation from Ethereum to Bitcoin Cash as an isolated case. They argue that this alone should not cause the major altcoin volatility story.
However, as reported by U.Today, JAN3 CEO Samson Mo said in the past 24 hours that Liquidated all Bitmine Ethereum holdings Then I pivoted to Bitcoin. Mow had previously diversified his portfolio and bet on Ethereum as a treasury asset.
Market analysts are closely watching how this will affect Ethereum and whether it could spark panic selling in an already volatile market.
