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

An Ethereum whale address has been offloading Ether worth millions, with the latest move being a $13.2 million deposit to the OKX exchange. 

On Aug. 12, blockchain analytics platform Lookonchain flagged that an address deposited 5,000 ETH, worth about $13.2 million, deposited the funds into OKX. The Ether (ETH) whale has regularly deposited millions in ETH to OKX for over 30 days.

The wallet reportedly belongs to a whale who received 1 million ETH during the Ethereum initial coin offering (ICO).

On July 8, the address deposited 1 ETH to OKX, likely to test if they had the correct address. Then, the wallet sent batches of tokens ranging from 1,000 to 5,000 ETH in 35 days. The account sent about $154 million in ETH to OKX.

The ETH whale deposited the funds at an average price of $3,176.

Community speculates on whale’s identity

As the whale’s transactions gained attention, crypto community members posted their speculations on the social platform X. One community member thinks this was a “burner wallet” of either Vitalik Buterin, Joseph Lubin or Anthony Di Iorio, the co-founders of Ethereum.

Another trader said that it would be “better to sell now” than to sell while the price is going up, adding that what the whale is doing is good. Meanwhile, one trader wrote that it may all be over, and everyone needs to pack their bags.

While some responded negatively, others looked at the bright side. An X user pointed out that despite the whale’s dumping spree, the address only has 16,000 ETH, worth $42.6 million, left across two wallets, saying the selling is almost completed.

Another whale scoops up a similar amount

While some sell, others continue to buy ETH, offsetting the transaction. Another whale scooped up a similar amount on the same day, adding 5,000 ETH to their portfolio. The tokens were worth $12.8 million at the time of purchase.

According to blockchain analysis platform Scopescan, the last time the whale bought was when ETH fell to $2,100 before recovering to $3,100.