A crypto whale wallet has transferred 5,000 ETH, valued at $13.2 million, to the OKX.
This move, flagged by blockchain analytics platform LookonChain in an X post on Monday, August 12, is part of a series of transactions by the same entity over the past month.
A whale who received 1M $ETH in #Ethereum ICO at a price of $0.31 deposited 5,000 $ETH($13.2M) to #OKX again 12 hours ago.
This whale has deposited 48,500 $ETH($154M) to #OKX at an average price of $3,176 in the past month.https://t.co/4AN8voWrFEhttps://t.co/u1zjZ01Ez4 pic.twitter.com/ZDsFCcFiTk
— Lookonchain (@lookonchain) August 12, 2024
Prior to this large transfer, the whale deposited 1 ETH to OKX at an average price of $3,176.
Based on data from Etherscan, the address belongs to a whale who purchased $1 million worth of $ETH during the Ethereum Initial Coin Offering (ICO) and has reportedly about $154 million worth of ETH to OKX in the past 30 days.
Analysis suggests the whale’s remaining ETH holdings are around 16,000 ($42.6 million) across two wallets, indicating the sell-off may be nearing completion.
Interestingly, another whale added a similar amount (5,000 ETH, worth $12.8 million) to their portfolio on the same day. Historical data from Scopescan shows this whale’s previous purchase was at $2,100, with a sell at $3,100.
Notably, the whale’s latest transaction has spurred mixed reactions from the crypto community. One X user speculated that the wallet could belong to Ethereum founders like Joseph Lubin, Anthony Di Iorio, or Vitalik Buterin. Some others viewed it as an opportune moment to sell, given ETH’s recent price rally.
Meanwhile, these whale activities followed a trading day when Ether ETFs experienced net losses of $15.8 million. BlackRock’s ETHA saw inflows of $19.6 million, while Grayscale’s ETHE had outflows of $41.4 million, according to Farside Investors’ data from August 9.
These movements appear to significantly influence trading patterns and potentially impact Ethereum’s price in the short term.
As of press time, Ethereum is trading at $2,701.25, a 3.31% increase in the last twenty-four hours.
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