Ethereum Whale Takes $37M Loss with Large ETH Transfer to OKX
A large Ethereum whale has moved $37 million worth of ETH to OKX at a loss. According to onchain data, two wallets that had been quiet for over a year sent 14,700 ETH, worth around $36.94 million, into the exchange on Sept. 14.
The coins arrived in August and October 2021, when ETH was trading near $3,184 and $4,220 a coin respectively. On arrival, the 14,700 ETH was worth about $56.9 million, compared to its current value of around $36.9 million, indicating a loss of roughly $20 million or 35%.
The entity behind the wallets likely built a position of more than 20,000 ETH during the last bull market with an average cost above the current price, and made these deposits at an average of $2,517 per ETH. This means that even taking into account staking rewards, which added to the stack over two years, would not have been enough to offset the drop in price.
This is not the only 2021 wallet heading for the door, as onchain analyst EmberCN also tracked a third wallet that received 1,500 ETH on Sept. 24, 2021 and sent all of it to MAX Exchange by Sept. 15, resulting in a loss of more than 20% if sold.