Ethereum (ETH) Whale from ICO Era to Sell $154 Million in ETH
An Ethereum whale who participated in the Ether ICO back in 2015 has recently been active, moving a substantial amount of ETH to an exchange. According to reports from EmberCN, this whale, who initially held one million ETH acquired at the ICO price of $0.311 per ETH, has transferred 48,500 ETH, equivalent to around $154 million, to an OKX deposit address over the past month.
The Ethereum community is abuzz with speculation and concern regarding this development. Currently, 15,600 ETH remains in the mentioned address, which starts with 0xe01. However, a broader analysis suggests that this whale’s address cluster might encompass up to 682,000 ETH, valued at approximately $1.756 billion.
The significant transfer of ETH to an exchange raises the possibility of a liquidation event, which could have a notable impact on the Ethereum market. Large transfers, particularly if the ETH is offloaded in large quantities, can exert selling pressure on the market. Given the substantial volume involved, Ethereum’s price could experience a temporary decline as the market absorbs the additional supply.
Further transfers or sales could exacerbate the downward pressure on ETH prices. While this whale’s continued holding of a substantial amount of ETH over an extended period demonstrates a long-term confidence in Ethereum’s value, even steadfast holders may choose to sell their holdings under certain circumstances.
The motivation behind moving these assets to an exchange now may be driven by a desire to maximize profits, especially given the current market conditions. Alternatively, this action could signal a reduction in exposure by the whale, indicating a lack of confidence in ETH’s short-term outlook.
