A large Ethereum whale who participated in the 2014 ICO has been transferring massive amounts of ETH ($154 million) to OKX.
The crypto whale transfers are contributing to Ethereum's recent underperformance, with tits 14% decline over the last 30 days.
Ethereum is struggling to break through $2,780—$2,873, with over $600 million in positions blocking the way.
Despite the multi-month selloffs, the whale still holds 15,600 ETH, valued at approximately $41 million.
Ethereum is currently experiencing a rough patch because one of the ecosystem's oldest whales has been actively transferring massive amounts of cryptocurrency into OKX.
This flood of ETH amounts to more than $150 million and has been going on for quite some time.
Let's see how the market has reacted and what comes next for the cryptocurrency.
According to data from LookOnChain, the whale in question originally bought around 1 million ETH during Ethereum's initial coin offering in 2014.
Interestingly, Ethereum was a mere $0.31 per token at the time, which would have been an initial investment of around $300,000.
Fast forward to today, ten years from the initial investment, and this stash is worth around $121.2 million, assuming a current price of $2,500.
Interestingly, the investor has been steadily moving ETH to OKX over the last 35 days and has now transferred a total of 48,500 ETH, worth approximately $154 million, to the exchange so far.
Furthermore, the average price of these transfers now sits at around $3,176 per ETH.
The most recent transactions happened this week, when the whale transferred around 5,000 ETH (worth $13.2 million) via a GnosisSafe wallet.
Interestingly, despite these massive outflows, the whale’s wallet still holds over 15,600 ETH, worth approximately $41 million.
This whale’s transfers come at a time when the price of ETH has been underperforming compared to Bitcoin.
According to data from CoinMarketCap, over the last 30 days, the cryptocurrency has declined by around 14%, compared to Bitcoin's meagre but positive 3% price increase in the same timeframe.
Ethereum’s price action
This whale's selloff (and a combination of other factors) has made Ethereum's struggle to break above the barrier between $2,780 and $2,873 illustrated above significantly harder.
Data from Coinglass even corroborates this narrative, with upwards of $600 million worth of positions blocking the $2,780 zone.
Liquidation heatmap showing resistance
Overall, while the reasons behind these whale transfers remain largely unclear, the timing continues to raise eyebrows, especially with a break above $2,780 being a crucial step for Ethereum in the fight towards recovery.
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