Ethereum Whale Deploys $408M to Exchanges Amid August Rally Concerns
A massive Ethereum whale has been making waves in the crypto market by transferring 167,855 ETH worth around $408 million to exchanges. The wallet received this large sum from multiple addresses before routing a single coin to any trading venue.
The deposits were made over two days, with 70,739 ETH (valued at approximately $174 million) sent to OKX, Binance, and Bybit in batches of 1,000 to 5,000 coins. The implied transfer price is around $2,430, but the remaining 97,115 ETH ($237 million) has yet to be moved.
This significant movement has raised concerns about the token's August rally, which saw Ethereum gain 32.5% - its strongest month since July 2025. On-chain analyst Ted Pillows warned that leveraged long positions are stacking up near current prices, leaving the market exposed if ETH gets rejected at $2,550.
However, spot Ethereum ETFs have been absorbing funds, with August seeing inflows of $1.85 billion - their best month in over a year. BitMine also added 53,501 ETH last week to reach about 5.9 million coins, while smaller wallets bought 430,000 ETH as larger addresses sold into the strength.