Ethereum Whale Moves $1.2 Million Worth of ETH to OKX, Signaling Potential Sell-Off
CryptoNewsTerminal Staff13 Sep, 2024
Ethereum Whale Moves $1.2 Million Worth of ETH to OKX, Signaling Potential Sell-Off
An Ethereum whale, an investor who holds a significant amount of the cryptocurrency, has recently deposited 499 ETH (approximately $1.2 million) to OKX, a major cryptocurrency exchange. This transaction, which occurred around nine hours ago, has raised concerns that the whale may be preparing to sell their ETH holdings. On-chain analyst, ai_9684xtpa, first reported the transaction, noting that the whale's address had invested $1 million in the Ethereum ICO back in 2015. Since then, the address has sold a substantial amount of its ETH holdings, cashing out approximately $159 million worth of ETH in the past two months at an average price of $3,137. Currently, the whale address still holds a significant amount of ETH, approximately 12,707. The recent transfer to OKX suggests that the whale may be planning to sell at least a portion of their remaining holdings, potentially leading to a drop in the price of Ethereum if other investors follow suit.
