Ethereum ICO Whale Continues $154 Million Ether Deposit Spree to OKX

An Ethereum Initial Coin Offering (ICO) whale has been making waves in the crypto market with a series of substantial ether deposits to the centralized exchange OKX. Over the past month, this whale has transferred a staggering 48,500 ether, valued at approximately $154 million, to OKX at an average price of $3,176 per coin.

Today alone, the whale deposited an additional 5,000 ether, worth around $13.2 million. Despite these significant transactions, the whale's address still holds a sizable 15,600 ether, roughly $41.8 million at current prices.

This series of deposits is particularly noteworthy as it occurs during a period of low daily ether burns, with gas fees ranging between 1 and 2 gwei. This lower burn rate has led to an increased network inflation rate, which might be less appealing to traders and investors.

However, despite these concerns, the inflows into ether-related products remain strong, with substantial contributions last week pushing year-to-date inflows to their highest levels since 2021. This trend has been further supported by the recent listing of spot ether exchange-traded funds (ETFs) in the United States.

As the market continues to react, the price of ether has shown resilience, currently up 1.55% after starting the day in the red. The ongoing activity of this ICO whale highlights the dynamic and unpredictable nature of the cryptocurrency market, particularly as large holders make significant moves.

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