Whale Withdraws 9,026 ETH and Deposits 7,665 ETH to OKX & Bybit
A large Ethereum whale or institutional holder redeemed 9,026 ETH (approximately $31.05 million) and transferred 7,665 ETH (around $26.37 million) into OKX and Bybit exchanges, according to Onchain Lens. The wallet had previously been tagged as #SharpLink, though SharpLink denies any association. This move could signal upcoming sell pressure as significant exchange inflows often precede market downturns. No other destinations for the remaining 1,361 ETH have been disclosed. Traders should watch for potential price impact and liquidity shifts in the ETH market.
Bearish
Significant ETH inflows to major exchanges often precede sell-offs as large holders seek liquidity. Historical patterns show that when whales move large volumes of ETH onto platforms like OKX and Bybit, market supply rises and price pressure increases. Although redeeming ETH from staking reduces supply, the majority deposit to exchanges suggests imminent selling intent. In the short term, expect downward price pressure; long-term effects will depend on whether the remaining ETH is held or sold.