- A large number of large transfers of $154 million in ETH to OKX were made by a crypto whale.
- Because of the possible influence on Ethereum’s market, the whale’s activities are constantly watched.
- The whale indicates that the selling may soon come to an end by holding about 16,000 ETH, which is worth $42.6 million.
A major shareholder just sent $154 million worth of Ethereum to the OKX marketplace. This recent transfer, involving 5,000 ETH, has grasped the attention of the crypto community. People are paying close attention because it could influence the coin’s market.
Strategic Ethereum Transfers
The whale started their deposits on July 8 with a small 1 ETH transaction to confirm the correct deposit address. After this, they made larger transfers ranging from 1,000 to 5,000 ETH, totaling $154 million over 35 days. Each of these transactions was made at an average price of $3,176 per ETH.
The whale’s address is linked to Ethereum’s initial coin offering (ICO), suggesting they acquired 1 million ETH during that time. The timing and size of these deposits have caught the attention of many in the market.
Market Reactions and Changes
These transactions happened when gas fees on the Ethereum network were lower, which also saw reduced levels of Ether being burned. With gas fees between 1 and 2 gwei, the network’s inflation rate increased, causing concern among investors about Ethereum’s appeal in the short term.
The whale still holds around 16,000 ETH, worth approximately $42.6 million, signaling that their selling might be close to ending. These moves have led to different reactions within the crypto community.
On the same day as the latest deposit, another whale added 5,000 ETH worth $12.8 million to their holdings. This whale had previously bought ETH at $2,100 and sold it at $3,100. This parallel activity raises the question: Is there a larger strategy behind these whale moves?
Broader Market Impact
These whale actions are part of larger trends in the Ethereum market, especially concerning Ether ETFs. On August 9, Ether ETFs saw net outflows of $15.8 million. BlackRock’s ETHA ETF had inflows of $19.6 million, while Grayscale’s ETHE ETF saw outflows of $41.4 million. These contrasting movements add to the complexity of the market.
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