In a significant move, a whale wallet has deposited a total of 48,500 ETH, valued at over $154 million, to the crypto exchange OKX over the last 35 days.

Interestingly, on the same day the whale sold a portion of its holdings, another whale purchased 5,000 ETH for approximately $12.8 million, helping to balance the selling pressure.

This whale originally acquired the ETH during the network's initial coin offering in 2014 at a price of just $0.31 per token.

These large inflows of ether come at a time when daily ether burn rates are at their lowest levels in several years, raising concerns about supply dynamics.

Analyst Aurelie Barthere notes that for Ether to gain further upward momentum, it needs to reclaim the $2,700 resistance level.

Such large movements from early participants are uncommon and may indicate intentions to sell, stake, or diversify their holdings.

A recent 'death cross' in Ethereum's price chart suggests potential short-term weakness, which could signal a buying opportunity for some investors.

Despite inflation concerns, inflows into ether products have reached their highest level since 2021, largely driven by newly listed spot ether exchange-traded funds (ETFs) in the U.S.

However, the nine U.S. spot Ether ETFs experienced $15.8 million in negative outflows on August 9, contributing to a total of $406 million in cumulative net outflows since their launch.

Despite the recent selling activity, the whale's address reportedly retains around 16,000 ETH, valued at approximately $42.6 million, suggesting that the selling may be nearing completion.

The crypto community has speculated about the whale's identity, with suggestions that it could be a 'burner wallet' belonging to Ethereum co-founders like Vitalik Buterin or Joseph Lubin.