A well-known Ethereum whale, who bought ETH during its initial coin offering (ICO) at just $0.31 per coin, recently deposited 991.67 ETH, worth around $2.51 million, to the OKX crypto exchange. This move was detected on-chain about 10 hours ago, according to crypto tracking account @ai_9684xtpa on Twitter.

This isn’t an isolated event. Since May 26, 2025, the same whale has sold over 9,845 ETH, valued at $25.23 million in total. This continuous selling pattern is causing concern among traders and investors, as it increases the ETH supply on exchanges—something that often leads to downward pressure on price.

Who Is This Ethereum Whale?

This Ethereum “whale” is a holder of 1 million ETH from the 2015 ICO. With such a low entry price of $0.31 per ETH, the whale has an enormous profit margin, allowing them to cash out without financial stress—even if ETH’s price dips.

These large-scale deposits and potential sales are significant because they can move the market. When big amounts of ETH are sent to an exchange like OKX, it often signals the intent to sell. And when whales sell, prices tend to fall—at least in the short term.

How Did the Market React?

Shortly after the transfer, ETH’s price was around $2,530, and traders quickly responded. According to OKX data, trading volume for ETH/USD and ETH/BTC pairs increased by 12% within two hours. This shows how sensitive the market is to whale activity.

At the same time, altcoins linked closely with Ethereum also saw small drops. Polygon (MATIC) fell by 1.5%, and Arbitrum (ARB) slipped 2.3%. These moves suggest a ripple effect—when ETH drops, other tokens tend to follow.

Meanwhile, Bitcoin (BTC) stayed stable at $69,000, hinting that some investors may be shifting funds from ETH to BTC during this uncertain time.

What Do the Charts Say?

Looking at the technical data, Ethereum’s Relative Strength Index (RSI) was at 48 on the 4-hour chart at 4:00 PM UTC. This level suggests that ETH is in neutral territory but getting close to being oversold.

The 50-day moving average sits at $2,550, which is acting as resistance. Support is seen at around $2,480. If ETH falls below this, more downward pressure could follow.

Also, on-chain data shows a 15% increase in ETH inflow to exchanges in the last 24 hours. This means more people—possibly including other whales—are sending ETH to exchanges, likely to sell.

Stock Market Connection

Interestingly, the stock market is also under pressure. On June 9, 2025, the S&P 500 dropped by 0.8%, and the Nasdaq slid by 1.1%. Risky assets like ETH often move in sync with the stock market. When stocks fall, so does investor appetite for volatile cryptocurrencies.

Crypto-related stocks like Coinbase (COIN) also dropped by 3.2% on the same day, further proving the link between traditional and digital asset markets.

What Should Traders Watch?

For short-term traders, this whale’s behavior is a clear warning. If ETH continues to be sold in large amounts, prices could test the $2,480 support level again. Watch out for more whale transfers, as they tend to happen in patterns.

However, this situation also creates opportunity. If ETH reaches strong support and selling slows down, it could be a good buying opportunity for those expecting a bounce.

Also, Bitcoin dominance currently sits at 55.3%, which means BTC is holding stronger compared to other cryptos. If ETH keeps falling, more investors might shift to BTC for safety.

Final Thoughts

Whale activity in crypto is always important, and this recent Ethereum sell-off is no exception. A $2.5 million ETH transfer to OKX is a big move, especially when it’s part of a larger $25 million selling trend. For ETH traders and holders, it’s a signal to be cautious and watch market indicators closely.

The crypto market is deeply connected with broader financial trends, including stocks and investor sentiment. Keeping an eye on both on-chain data and global financial news can help traders make smarter decisions during such volatile times.