The cases where sales did occur, like address 0xd64A selling 11,552 ETH for $23.42 million last month, represent one segment of early participant behavior rather than the universal response to reactivation. For market participants watching these movements, the more useful framework is that dormant wallet reactivations signal that early holders are making deliberate decisions about their ETH, whether that means staking for yield, repositioning into fresh wallets for security, or gradually liquidating portions of holdings built at fractions of a cent. The volume of ETH held across these ICO-era wallets is large enough that their collective behavior matters to market dynamics, but the diversity of outcomes means each individual reactivation requires reading the subsequent on-chain activity rather than assuming the worst case for price.