A large Ethereum “whale,” one of the first people to join the 2015 Ether ICO, recently sent a lot of ETH to a cryptocurrency market.
EmberCN reports that the whale moved 48,500 ETH, worth about $154 million, to an OKX payment address over the past month. The whale bought 1 million ETH at the ICO price of only $0.311 per ETH.The Ethereum community is concerned and uncertain about this sudden change.
The whale’s address, which starts with 0xe01, still has 15,600 ETH left. A more in-depth look shows that this whale’s address cluster may be in charge of up to 682,000 ETH, which is worth about $1.756 billion right now.
Ethereum Whale Sparks Concerns
Such a large ETH transfer to an exchange has increased the company’s likelihood of failure. Selling large amounts of ETH could exert significant selling pressure on the market. This could lead to a temporary drop in Ethereum’s price as the market adjusts to the increased supply.
Market watchers are keenly watching this whale because any further moves or sales could further depress ETH prices. This whale has shown that he or she has a strong belief in Ethereum’s long-term value by hanging on to such a large amount of ETH for almost a decade. However, even the most dedicated holders can decide to sell their assets at times.
Based on when this move happened, it seems likely that the whale is trying to make the most money possible, given the current state of the market. Another possibility is that the move is an attempt to lower exposure, which could mean that people don’t believe in Ethereum’s short-term chances.
The Ethereum community will closely monitor this whale’s actions as they prepare for potential market volatility. Many people are asking if this is the start of a bigger trend or just one random event in the world of cryptocurrency, which is always changing.
