Whale continues $154M dumping spree with 5K ETH deposit to OKX

An Ethereum whale address has sold millions of Ether, the most recent transaction was a $13.2 million transfer to the OKX exchange. Lookonchain, a blockchain analytics tool, discovered an address that transferred 5,000 ETH, or around $13.2 million, into OKX on August 12. For over 30 days, the Ether whale has continuously deposited millions of ETH to OKX.

According to reports, the wallet is owned by a whale who participated in the Ethereum initial coin offering (ICO) and won one million ETH. The address deposited 1 ETH to OKX on July 8, maybe as a test to ensure they were using the right address.

After that, over 35 days, the wallet distributed batches of tokens worth 1,000–5,000 ETH. The account sent $154 million worth of Ethereum to OKX. The ETH whale deposited the money at an average price of $3,176.

Whale’s Ethereum Moves Spark Mixed Reactions

Members of the cryptocurrency community shared their thoughts on the social media site X as the whale’s transactions attracted notice. One trader added that what the whale is doing is beneficial and that it would be better to sell now than sell while the price rises. Another trader commented that everyone should pack their bags because it might all be coming to an end.

Some had unfavorable responses, but others had positive ones. Despite the whale’s dumping spree, an X user noticed that the address only had 16,000 ETH, or $42.6 million, left in two wallets, indicating that the selling almost finished.

 To balance the transaction, some people continue to buy ETH while others sell. A second whale added 5,000 ETH to their holdings on the same day by buying an equivalent amount. When they bought, the tokens had a $12.8 million value. The last time the whale made a purchase, according to blockchain analysis company Scopescan, was when ETH dropped below $2,100 before rising to $3,100.