Ethereum ICO whale continues $154 million month-long ether deposit spree to OKX

A large holder of ether that participated in the Ethereum initial coin offering at a price of $0.31 per coin deposited 5,000 ether — worth roughly $13.2 million — to OKX today.

The latest deposit follows a string of deposits from the entity to the centralized crypto exchange. As noted by on-chain analysis account Lookonchain, the whale deposited 48,500 ether — worth some $154 million — to OKX at an average price of $3,176 in the past month.

The address in question still holds 15,600 ether — worth roughly $41.8 million.

The notable transfers come at a time when the daily amount of ether burned is at its lowest level in the past few years, with gas fees currently ranging between 1 and 2 gwei. This trend has increased the network's inflation rate — potentially making it appear less attractive to traders and/or investors.

Nevertheless, inflows into ether products were substantial last week, pushing their year-to-date inflows to the highest since 2021, boosted by recently listed spot ether exchange-traded funds in the United States.

After starting the day in the red, the price of ether is currently up 1.55%, according to The Block's Ethereum Price Page.