A mysterious Ethereum whale has moved hundreds of millions of dollars worth of ETH to top crypto exchanges like OKX, Binance, and Bybit, triggering speculation regarding a probable sell-off. The move comes even as the second-most-valued cryptocurrency has appreciated 28% in the last couple of weeks or so and is currently hovering around crucial inflection points.
The move was tweeted by Lookonchain, a popular on-chain commentator:
The whale has started moving 167,855 ETH, which is valued at approximately $408 million. Right now, it has deposited 70,739 ETH worth $174M into its basket of top exchanges. Conventionally, when a whale moves cryptocurrency from its wallets to exchanges, it signals the entity is looking to dump the digital currency at the current market price for profit or other reasons. The transfers were made in smaller 1,000-5,000 ETH batches, typical of a whale looking to sell out.
At press time, approximately 97,115 ETH, valued at $237 million, remains in the whale’s control and could still be transferred. All in all, this whale could sell up to $400 million in ETH in the near future.
As of the latest available data, no public identification of the wallet owner has been confirmed, fueling intense speculation. The motive behind the recent move also remains unconfirmed.
 
Is a Price Squeeze Loading?
Big whale activity like the one reported by LookonChain often precedes a major market move, either in the upward or downward direction. While the $400 million sum being handled by this whale is a big amount, it is not big enough to be a market maker on its own. Traders need to understand broader market psychology and the overall trend.
Traders on X were divided over this seemingly isolated big move. Some described the potential dump as “rude” timing near recent local highs and warned of elevated short-term volatility. Others pointed out that the price has been steady despite sellout fears, showcasing robust underlying strength.
The second-largest cryptocurrency by market capitalization is once again at a crossroads, along with the rest of the market. It is generally assumed that if BTC can break free of resistance around the $80k level, it will invite deeper bullish sentiment for the coin market in general and provide respite from the long-term bearish setup.
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