Ethereum Whale Moves $154M in ETH to OKX, Sparking Market Speculation and Reactions

• Ethereum whale deposits $13.2M in ETH to OKX, moving $154M over 35 days; speculations arise on social media.
• Despite massive ETH sales, another whale bought 5,000 ETH for $12.8M, indicating strong buying interest amid selling pressure.
• The whale’s strategic buying and selling pattern suggests market timing and ongoing dynamic responses from other investors.

A whale on Ethereum has been active lately, transferring $13.2 million to OKX, among other notable actions. Lookonchain announced on August 12 that the address had put five thousand Ethereum into the exchange. This transaction marks the latest in a series of large deposits. For over 30 days, the whale has been transferring millions in ETH to OKX, raising eyebrows in the crypto community.

Early Investor and Transaction History

The wallet in question reportedly belonged to an early Ethereum investor who received 1 million ETH during the ICO. Initially, on July 8, the address deposited a single ETH to OKX. This likely served as a test transaction.

Following this, the whale sent batches of tokens ranging from 1,000 to 5,000 ETH over the next 35 days. Overall, the account has moved about $154 million in ETH to OKX, with an average deposit price of $3,176.

Market Reactions and Speculations

As this whale’s activity gained attention, speculation started on social media. Some users on X suggested that the wallet could belong to Ethereum co-founders like Vitalik Buterin, Joseph Lubin, or Anthony Di Iorio. 

Moreover, opinions varied widely. One trader advised selling now rather than waiting for potentially higher prices. Conversely, another user noted that the whale has almost completed their selling spree, with only 16,000 ETH left, valued at $42.6 million, across two wallets.

Despite the whale’s selling, other market participants are buying ETH. On the same day, another whale purchased 5,000 ETH for $12.8 million. This transaction indicates that significant buying interest continues to balance the selling pressure.

Additionally, Scopescan reports that the whale last bought ETH when the price fell to $2,100 before it rebounded to $3,100. This historical buying pattern suggests that the whale may have timed their purchases strategically.