Ethereum ICO Whale Transfers 5,000 ETH To Exchanges, Reaching $154 Million For The Month

An Ethereum (ETH) whale has been offloading massive amounts of ETH, most recently making a $13.2 million deposit to the OKX exchange. On August 12, blockchain analytics platform Lookonchain reported that the whale transferred 5,000 ETH to OKX. 

This wallet, originally tried to an initial allocation of 1 million ETH from Ethereum’s ICO, has been actively moving large sums throughout the past month. Over the last 35 days, the whale has sent around $154 million worth of ETH to OKX, with individual deposits ranging from 1,000 to 5,000 ETH. A test deposit of 1 ETH was made on July 8 to ensure the accuracy of the receiving address. The average price per ETH during these transactions was $3,176.

The whale’s identity has sparked speculation on social media platform X, with some users suggesting it could belong to Ethereum co-founders like Vitalik Buterin, Joseph Lubin, or Anthony Di Iorio. Others view the whale’s actions as timely, arguing that selling now may be better than later. While some traders are concerned, others note that the whale only has 16,000 ETH remaining actress two wallets, indicating that the selling spree is nearing its end. 

Meanwhile, another whale has been accumulating ETH, purchasing 1,800 ETH on August 9. This whale has amassed 37,800 ETH, valued at over $100.2 million at current prices, since May 24, at an average cost of $2,420 per ETH. 

These large movements are generally rare but could indicate that the holders are getting ready to sell tokens, stake them on an exchange, or diversify into other cryptocurrencies.

These investors, often referred to as “whales,” possess significant amounts of tokens in their digital wallets. Due to the sheer size of their holdings, they can have a considerable impact on the price or overall sentiment surrounding a token. 

Currently, ETH is trading at $2,642, reflecting a 2.34% increase in the past 24 hours. This uptick is partly attributed to the $155 million in inflows to Ethereum spot ETFs, signaling renewed institutional interest in Ethereum following a lackluster start to the product launch.