A whale Ethereum recently alarmed the market by transferring large amounts of ETH to the OKX exchange.
On August 12, blockchain analytics platform Lookonchain reported that an address had deposited 5,000 ETH, valued at approximately $13.2 million, on OKX. This deposit is part of a series of regular transactions made by this whale for over a month.
This particular address first made a test deposit of one ETH on July 8, likely to verify the accuracy of the destination address. Since then, the holder has sent several batches of ETH, ranging between 1,000 and 5,000 ethers, within a span of 35 days. To date, approximately $154 million worth of ETH has been transferred to OKX, at an average price of $3,176 per ETH.
According to available information, this address belongs to a major participant in Ethereum’s initial coin offering (ICO), who reportedly received one million ETH during this groundbreaking event. This massive sale has sparked numerous speculations within the crypto community.
The scale of the transactions has not escaped the crypto community, which quickly began speculating on the identity of the whale. Some believe it could be a wallet used by one of Ethereum’s co-founders, such as Vitalik Buterin, Joseph Lubin, or Anthony Di Iorio.
Opinions are divided within the community. While some fear that this massive sale is a sign of pessimism about Ethereum’s future, others see it as an almost completed process. Indeed, there are still approximately 16,000 ETH, or $42.6 million, in the two wallets associated with this address. For some, the end of this sale could be a positive development, foreshadowing market stabilization.
