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An enormous Ethereum whale who took part in the Ether ICO in 2015 made moves recently, with a sizable quantity of ETH moved to an exchange. EmberCN reports that over the past month, this whale — who started with one million ETH at the ICO price of $0.311 per ETH — moved 48,500 ETH, or roughly $154 million, to an OKX deposit address.

The Ethereum community is worried and speculating about this activity. A total of 15,600 ETH is still held at the aforementioned address, beginning with 0xe01. On the other hand, a more comprehensive view indicates that this whale's address cluster might hold up to 682,000 ETH, which is presently valued at approximately $1.756 billion.

The large amount of ETH transferred to an exchange raises the possibility of a liquidation, which could have a major impact on the Ethereum market. Such large transfers — especially if the ETH is sold off in bulk — can place selling pressure on the market. Because of the enormous volume involved, Ethereum's price may briefly decline as the market takes in the extra supply.

More transfers or sales could increase the downward pressure on ETH prices. This whale shows a long-term belief in Ethereum's value by holding onto such a large amount of ETH for such a long time, but even the most-convinced holders can sell their holdings in different circumstances.

Maximizing profits, though, may be the driving force behind moving these assets to an exchange now — especially in light of the state of the market. Alternatively, the whale may decide to lessen their exposure as a result of signaling a lack of confidence in ETH's near-term prospects.