Whale Withdraw 17,836 ETH from OKX for 4 Hours
For August 29, on-chain analyst Yu Jin report say one big ETH withdrawal happen for OKX exchange. One address move 17,836 ETH wey worth $79.77 million within four hours. The average price to withdraw na $4,472 per ETH. This big ETH withdrawal reduce the amount wey dey for exchange and show say the whale wan hold their coins. Dis move fit make OKX sell-side liquidity tight. Traders suppose dey watch for any possible price support from the smaller exchange balance. The ETH withdrawal fit talk say market fit get bullish short-term, but e also make people think about future sell pressure outside exchange. Market people go keep eye the on-chain flows for more tori.
Bullish
Dis big ETH withdrawal from OKX na dem categorized as bullish becos e dey reduce di amount wey exchange carry, e make di sell-side liquidity tight. Traditionally, wen big whales withdraw, e show say dem wan hold di ETH long term and e support price gain, like how big ETH flows comot from exchange for early 2021 go sharp increase. Short term, less exchange balance fit provide price support. Long term effect depend if di whale put di money for wallet to stake or sell for OTC desk. But di immediate impact go likely be bullish becos on-exchange liquidity low and e show sey people get confidence to hold ETH outside exchange.