According to on-chain analyst Ai Yi's monitoring, the same entity that was previously considered "asleep" for about six months suddenly woke up collectively on September 9, 2026. The four associated addresses began executing large on-chain operations almost simultaneously, breaking a long period of inactivity. The entity first made a significant purchase of ETH through the decentralized trading aggregator Cowswap, accumulating approximately 13,290.6 ETH at an average price of about $2,511, which is estimated to correspond to a fiat scale of about $33.37 million according to Odaily, indicating a clear intention to increase their position at the current price range. Following this, the entity further used approximately 2,500 ETH for a cross-chain exchange of ZEC through the Cross-Chain Intent Protocol Near Intents, ultimately buying about 6,601.37 ZEC on the other side. Odaily estimates this position to be approximately $8.21 million; during the entire operation, the related addresses cumulatively paid about 16.75 ETH as service fees, further confirming their determination and cost tolerance for this reallocation. This article will assess whether the changes in these ETH and ZEC positions during this phase constitute significant on-chain signals worthy of attention.
Four Addresses Waking Up Collectively After Six Months
In the on-chain context, "sleeping addresses" typically refer to addresses that have had almost no trading activity over a long period while holding a substantial asset scale. Once these addresses do not engage in significant transfers or contract interactions for a long time, they will be classified as in a dormant state. According to publicly available information from Ai Yi, the four addresses under observation have had almost no visible large-scale on-chain operations in the past six months, and the exact last transaction's timing and details have not been disclosed, thus being included on the watchlist of sleeping large holders.
On September 9, 2026, these four addresses were identified by Ai Yi as belonging to the same entity and reappeared with large operations on the same day, constituting a typical "synchronized awakening." When making judgments about address ownership, on-chain analysts usually consider characteristics such as deposit and withdrawal sources, historical interaction preferences, and highly overlapping operation times to infer whether multiple addresses are controlled by the same entity. However, this process is fundamentally still based on behavioral pattern analysis conclusions. In terms of public materials, these four addresses do not have verifiable real-world identities and lack more detailed strategy explanations; they can only be confirmed as substantial holders with significant positions, making them more suitable as samples for observing market behavior rather than being regarded as a specific trading roadmap of an identified institution or individual.
Signal of Increasing Holdings with 13,290.6 ETH
According to on-chain records, this entity made a concentrated purchase of approximately 13,290.6 ETH through Cowswap on the day it became active again, at an average price of about $2,511. In terms of a single address (or a highly correlated address group), this scale constitutes a relatively concentrated exposure: whether in absolute quantity or in position value calculated based on the day's price, it indicates that the subsequent behavior of this address will significantly depend on the ETH price performance. Odaily estimates this purchase to be approximately $33.37 million, but this is based on a single media source's dollar valuation and does not disclose more detailed pricing and exchange rate assumptions, thus caution is necessary when judging the address's fund size and risk tolerance based on this alone.
The large position establishment on ETH occurred in the same time window as the initial concentrated operations after about six months of dormancy, showing that the entity made a clear directional choice in the price range of approximately $2,511. From the execution perspective, it also paid about 16.75 ETH as service fees for the overall operation, indirectly reflecting its greater emphasis on completing substantial position establishment within the predetermined price range rather than minimizing the cost of a single transaction. Combined with the currently public materials, this purchase of approximately 13,290.6 ETH can be regarded as one of the core positions of this entity under the current market conditions, but further judgments regarding its capital sources, risk preferences, and holding periods still rely on continuous observations of subsequent on-chain behavior.
Cross-Chain Spending 2,500 ETH to Exchange for ZEC to Bet on Privacy Classics
After completing the substantial position in ETH, this entity did not remain focused on a single asset but further adjusted its portfolio structure through Near Intents. According to AiCoin data, it subsequently initiated cross-chain intentions, spending about 2,500 ETH to exchange approximately 6,601.37 ZEC on the Ethereum side. According to Odaily's single source estimate, this ZEC purchase scales to approximately $8.21 million, reinforcing that ZEC is not a sporadic attempt but has been clearly included in this round of reactivation asset portfolio.
ZEC, as one of the earlier privacy narrative tokens, has long been known for its privacy attributes. In today's more compliance- and transparency-oriented mainstream environment, it represents another type of risk-return relationship. This cross-chain exchange carries reasonable assumptions: firstly, the entity wants to allocate a portion of classic privacy assets beyond traditional mainstream assets to increase narrative diversification in its portfolio; secondly, based on subjective judgments about the privacy sector cycle or ZEC's relative valuation, it attempts to obtain a higher risk premium on assets with relatively limited liquidity. However, it is essential to clarify that current materials have not disclosed whether they previously held ZEC or other privacy assets, and there is a lack of further address associations and subsequent operational clues. The nature of this ZEC position, acquired for the equivalent of about 2,500 ETH, remains uncertain as to whether it is a temporary trade or a long-term bet, and specific strategies still require further evidence from subsequent on-chain actions.
Whales Use Cowswap and Near Intents
According to AiCoin data, this entity that suddenly awakened after approximately six months of dormancy did not rely on centralized trading channels during its reallocation but divided the large operations into two clear on-chain paths: purchasing approximately 13,290.6 ETH through the decentralized trading aggregator Cowswap and exchanging approximately 6,601.37 ZEC for about 2,500 ETH through the cross-chain intent protocol Near Intents. Cowswap aggregates multiple on-chain liquidity pathways to complete large transactions, while Near Intents encapsulates cross-chain and asset exchange as "intents" and executes them on-chain. The common feature of both is that all paths, quotes, and final transaction details are publicly traceable, making it easier for subsequent on-chain analysis to continuously follow up and review compared to completing matching within centralized exchange ledgers.
In this round of operation, the entity paid a total of about 16.75 ETH as service fees, which is significantly higher than the small transaction costs for ordinary users, reflecting its preference for verifiable on-chain execution in terms of efficiency and transparency rather than an extreme pursuit of minimizing single transaction fee costs. By choosing to complete asset reallocation at the tens of millions of dollars level through DeFi tools such as Cowswap and Near Intents, it accepted a more complex on-chain execution structure and corresponding costs, while also leaving its large adjustment behavior completely on the public ledger. This preference suggests that at this stage, it values the traceability and execution certainty provided by decentralized tools more than relying on traditional advantages of centralized exchanges in terms of fees and matching speed.
Conclusion and On-Chain Signals to Watch Next
The four addresses controlled by the same entity collectively woke up after about six months of dormancy on September 9, 2026, and concentrated their purchase of approximately 13,290.6 ETH through Cowswap and then exchanged about 2,500 ETH for approximately 6,601.37 ZEC through Near Intents. This complete public record of on-chain paths constitutes a significant whale-level signal worth highlighting. However, as of now, it can only confirm this concentrated position-building behavior, with no further on-chain evidence of additional accumulation or reduction, and all dollar valuations depend on Odaily's single-source estimates. The real identity of this entity and more detailed strategies have also not been disclosed. Under such information constraints, it is impossible to infer the future direction of ETH, ZEC, or the broader market based solely on this one large reallocation. Going forward, critical aspects to observe are whether these four addresses continue to increase their positions or gradually adjust their existing ETH and ZEC holdings, as well as whether new large associated addresses emerge to participate in trading around these two asset classes. Should these addresses reappear with significant scale on-chain operations, it will provide clearer signal boundaries for interpreting this whale's risk preferences and medium- to long-term layouts.
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