Ether Whale Deposits Large Amount to OKX

A large holder of ether, who participated in the Ethereum initial coin offering at $0.31 per coin, deposited 5,000 ether (approximately $13.2 million) to OKX today.

This deposit follows previous transfers to the centralized exchange; the whale deposited 48,500 ether (around $154 million) at an average price of $3,176 in the last month, as noted by the on-chain analysis account Lookonchain.

The address still retains 15,600 ether, valued at about $41.8 million.

This significant transfer occurs as the daily amount of ether being burned is at a low point over the past few years, with gas fees between 1 and 2 gwei. As a result, the network’s inflation rate has increased, potentially making it less appealing to traders and investors.

Despite this, inflows into ether products surged last week, with year-to-date inflows reaching the highest levels since 2021, supported by the recent introduction of spot ether exchange-traded funds in the U.S.

Following an early decline, ether’s price is currently up by 1.55%, according to The Block’s Ethereum Price Page.