An Ethereum (ETH) whale has been dumping significant amounts of Ether, with a recent $13.2 million deposit to the OKX exchange.
An Ethereum (ETH) whale has been dumping significant amounts of Ether, with a recent $13.2 million deposit to the OKX exchange. On August 12, blockchain analytics platform Lookonchain identified a transaction where the whale deposited 5,000 ETH into crypto exchange OKX.
This address, linked to an initial recipient of 1 million ETH from Ethereum's ICO, has consistently moved large sums over the past month. In the last 35 days, the whale sent approximately $154 million in ETH to OKX, with deposits ranging from 1,000 to 5,000 ETH. Initially, a test deposit of 1 ETH was made on July 8 to confirm the correct address. The average deposit price was $3,176 per ETH.
Speculation about the whale’s identity has sparked discussions on social media platform X. Some users suggest it could belong to Ethereum co-founders like Vitalik Buterin, Joseph Lubin, or Anthony Di Iorio. Others see the whale's actions positively, suggesting it's better to sell now than later. While some traders express concern, others note the whale has only 16,000 ETH left across two wallets, indicating the selling spree is nearly over.
In contrast, another whale purchased a similar amount, acquiring 1,800 ETH on August 9. This whale has accumulated 37,800 ETH, worth over $100.2 million at current prices, since May 24, at an average price of $2,420 per ETH.
ETH is currently trading at $2,668, having gained 5.38% in the past 24 hours. This is partly driven by the $155 million in inflows to Ethereum spot ETFs product, suggesting a pickup in institutional interest in Ethereum, following a dismal start to the launch.
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