A noteworthy development has recently taken place in the crypto world that has caught the attention of enthusiasts and onlookers. Lookonchain, a well-known on-chain analytics platform, has pointed out that an Ethereum whale that initially obtained 1M ETH tokens during the initial coin offering of Ethereum at nearly $0.31 for each ETH, has transacted another substantial amount. The analytics provider took to its official X account to provide the details of this move.
Ethereum Whale Deposits Another $5,000 ETH Tokens to OKX
In its exclusive X post, Lookonchain mentioned that the respective ETH whale reportedly transacted 5,000 ETH to OKX. This amount has a value of almost $13.2 million. The whale carried out this deposit just twelve hours back. The new transfer is included in a wider activity pattern that the whale has been conducting. Over the recent 3 days, the whale has been continuously shifting ETH in huge amounts to OKX.
The Huge ETH Transaction to OKX Raises Concerns about a Potential Sell-Off
Hence, the whale has reportedly transacted up to 48,500 ETH in total over the recent month. These assets have a value of approximately $154 million. According to Lookonchain, the average price of the above-mentioned deposits reportedly accounts for nearly $3,176 for each ETH coin. This transaction series has ignited speculation among the members of the crypto community regarding the whale’s intentions.
Some think that these big deposits play the role of a precursor to a massive sell-off. Such crucial movements on the part of the large and early adopters can create a ripple effect to influence the market. Lookonchain suggested that such transfers offer a reminder concerning the impact of the big stakeholders as well as early adopters on the crypto world.
