A significant Ethereum ICO participant, known for holding large amounts of ether since the initial coin offering (ICO), has continued a month-long spree of substantial deposits to the centralized crypto exchange OKX. The latest transaction, made today, involved the transfer of 5,000 ether, valued at approximately $13.2 million.
This deposit is part of a larger pattern observed by on-chain analysis account Lookonchain, which noted that the whale has transferred a total of 48,500 ether—worth around $154 million—over the past month. The deposits have been made at an average price of $3,176 per ether. Despite these large transfers, the address still retains 15,600 ether, roughly valued at $41.8 million.
The ongoing deposits are happening during a period when the daily amount of ether burned is at its lowest in recent years, with gas fees currently fluctuating between 1 and 2 gwei. This reduction in burned ether has led to an increased network inflation rate, potentially influencing the asset’s attractiveness to traders and investors.
However, inflows into ether-related products remain strong. Recent data highlights that last week saw significant inflows, pushing year-to-date figures to their highest levels since 2021, likely bolstered by the recent listing of spot ether exchange-traded funds (ETFs) in the United States.
As of the latest update, the price of ether has risen by 1.55%, reflecting ongoing market interest despite the current network conditions.