A mysterious Ethereum whale has caused a stir in the crypto community by unloading $154 million worth of Ether (ETH) over the past month, with the latest move being a $13.2 million deposit to the OKX exchange.
On August 12, blockchain analytics platform Lookonchain identified an address that transferred 5,000 ETH, valued at approximately $13.2 million, to OKX. This whale has consistently moved large sums of ETH to the exchange for over 30 days. The address in question is believed to belong to an early Ethereum investor who received 1 million ETH during the Ethereum Initial Coin Offering (ICO).
The whale’s dumping spree began on July 8, with an initial test transaction of 1 ETH to OKX, followed by multiple transfers ranging from 1,000 to 5,000 ETH. In total, the whale has deposited around $154 million worth of ETH, with an average selling price of $3,176 per coin.
As news of these transactions spread, the crypto community on X (formerly Twitter) began speculating about the whale’s identity. Some suggested that this could be a “burner wallet” linked to Ethereum co-founders Vitalik Buterin, Joseph Lubin, or Anthony Di Iorio. Others debated the timing of the sales, with one trader noting that it might be better to sell now than during a price surge.
Despite the concerns, some community members remained optimistic, pointing out that the whale only has 16,000 ETH left, worth $42.6 million, indicating that the selling spree may soon be over.
Interestingly, while this whale was selling, another whale purchased a similar amount of ETH on the same day, adding 5,000 ETH, worth $12.8 million, to their holdings. This buy mirrors a previous move when ETH’s price dropped to $2,100 before rebounding to $3,100.
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