While altcoins fell along with Bitcoin (BTC), Ethereum also got its share of this decline. An ICO investor is selling in ETH, which fell to $ 2,510 but recovered in recent hours and reached $ 2,630.
The whale deposited an additional 5,000 ETH worth around $13.2 million into OKX during the recent drop, making this transfer the latest in a series of sell-offs that began last month.
According to a post by on-chain analyst EmberCN, Ethereum ICO investors deposited 48,500 ETH worth $154 million into OKX last month.
This investor bought 1 million ETH at a price of just $0.31 during the Ethereum ICO in 2015.
The ETH was transferred via an address starting with 0x7d6, with the first transfer originating from an address (0x193) that received 1 million ETH from the Ethereum genesis block on July 30, 2015. Currently, the address still holds 682,000 ETH ($1.756 billion) and has holdings across several addresses.
According to the data, the ICO participant, who started his first sale on July 8, 2024 by selling 1,000 ETH, has steadily increased the amount and frequency of his sales since then. Starting with the first 1,000 ETH, the whale then increased the dump value to 1,500 ETH, then 0,000 ETH, then 2,200 ETH, then 2,800 ETH. Increasing this amount, the whale last made three consecutive transfers of 5,000 ETH each.
This whale/institution currently still has a whopping 682,000 ETH (worth $1.756 billion).
*This is not investment advice.