$154 Million in ETH to Be Sold by ICO-Era Ethereum (ETH) Whale

An enormous Ethereum whale who took part in the Ether ICO in 2015 made moves recently, with a sizable quantity of ETH moved to an exchange. EmberCN reports that over the past month, this whale — who started with one million ETH at the ICO price of $0.311 per ETH — moved 48,500 ETH, or roughly $154 million, to an OKX deposit address.

The Ethereum community is worried and speculating about this activity. A total of 15,600 ETH is still held at the aforementioned address, beginning with 0xe01. On the other hand, a more comprehensive view indicates that this whale's address cluster might hold up to 682,000 ETH, which is presently valued at approximately $1.756 billion.

The large amount of ETH transferred to an exchange raises the possibility of a liquidation, which could have a major impact on the Ethereum market. Such large transfers — especially if the ETH is sold off in bulk — can place selling pressure on the market. Because of the enormous volume involved, Ethereum's price may briefly decline as the market takes in the extra supply.

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More transfers or sales could increase the downward pressure on ETH prices. This whale shows a long-term belief in Ethereum's value by holding onto such a large amount of ETH for such a long time, but even the most-convinced holders can sell their holdings in different circumstances.

Maximizing profits, though, may be the driving force behind moving these assets to an exchange now — especially in light of the state of the market. Alternatively, the whale may decide to lessen their exposure as a result of signaling a lack of confidence in ETH's near-term prospects.