An Ethereum megawhale has resumed an extensive liquidation strategy, recently depositing a staggering $13.2 million worth of Ether (5,000 ETH) into the OKX exchange. This significant transaction was flagged on August 12 by the blockchain analytics platform Lookonchain.

For over a month, this whale has been systematically transferring substantial amounts of ETH to OKX. This particular address, which is believed to have acquired 1 million ETH during Ethereum’s initial coin offering (ICO), has been in the spotlight due to its large-scale movements.

On July 8, the wallet initiated a test transaction of 1 ETH to OKX, presumably to verify the address’s accuracy. Subsequently, the wallet executed multiple transfers, each ranging from 1,000 to 5,000 ETH, accumulating to approximately $154 million deposited over a span of 35 days. The ETH was transferred at an average price of $3,176.

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Market Reaction and Speculation

The whale’s ongoing transactions have ignited widespread speculation within the crypto community on the social platform X. Some conjecture that this wallet could belong to Ethereum co-founders such as Vitalik Buterin, Joseph Lubin, or Anthony Di Iorio, speculating it as a “burner wallet.”

A segment of the trading community advises that selling now might be more advantageous than waiting for potential price increases, while others express concerns that the market may be approaching a downturn, urging caution.

Despite the alarming scale of the whale’s selling spree, some users offer a more optimistic perspective. One user noted that the address now holds only 16,000 ETH, valued at $42.6 million, suggesting that the major selling phase may be nearing its end.

Contrasting Moves: Another Whale’s Acquisition

In a notable counterbalance to the selling activity, another whale acquired an equivalent amount of ETH on the same day. This acquisition of 5,000 ETH, worth $12.8 million, indicates ongoing interest in Ethereum amidst the market fluctuations.

According to Scopescan, this acquisition parallels a previous purchase when ETH dropped to $2,100 before rebounding to $3,100, highlighting the ongoing volatility and investment strategies within the Ethereum ecosystem.