An unidentified wallet has moved 167,855 Ethereum (ETH) worth roughly $408 million toward exchanges, raising fresh doubts about the token's August rally.
Key Points:
- One wallet received 167,855 ETH from multiple addresses, then sent 70,739 of those coins, about $174 million, to exchanges within two days.
- Roughly 97,115 ETH, valued near $237 million, still sits in the wallet untouched.
- The deposits arrived days after Ethereum closed August up 32.5%, its strongest month since July 2025.
Ethereum Whale Deposits Reach OKX And Binance
Blockchain analytics firm Lookonchain flagged the movement on Tuesday, reporting that the address had received the full 167,855 ETH from multiple wallets before it routed a single coin onward to any trading venue.
The holdings then began leaving in steady tranches rather than one block. Over two days the wallet deposited 70,739 ETH, worth roughly $174 million, across several exchanges.
Those transfers went out in batches of 1,000 to 5,000 coins and reached OKX, Binance and Bybit, a pattern traders usually associate with a seller working an order book in size.
The implied transfer price sits near $2,430, and the remaining 97,115 ETH, about $237 million, has not moved.
Nobody has publicly identified the owner, the motive stays unconfirmed, and the wallet has given no signal about what it plans to do with the balance it still controls.
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CryptoQuant Signals And Ted Pillows On Liquidation Risk
Exchange deposits matter because they widen the pool of coins available for immediate sale, and CryptoQuant treats rising inflows as a standing indicator of spot selling pressure.
A transfer still proves nothing on its own, since analysts cautioned that custody changes, collateral arrangements and over-the-counter settlement all leave the same on-chain footprint.
On-chain analyst Ted Pillows warned that leveraged long positions are stacking up near current prices, with open interest around 4.973 million and funding rates running hot. That leaves the market exposed if ETH gets rejected again at $2,550, a level several breakout attempts have failed to clear this week. Traders absorbed $71.6 million in liquidations over the past 24 hours, $59 million of it on longs.
BitMine Buying And ETF Inflows Cushion ETH
The other side of the ledger looks firmer, with spot Ethereum ETFs pulling in $1.85 billion during August, their best month in more than a year, and closing the period on an 11-day inflow streak. BitMine added 53,501 ETH last week to reach about 5.9 million, while wallets holding 10,000 to 100,000 coins bought 430,000 ETH over the month as smaller addresses sold into the strength.
Ethereum gained 32.5% in August, its best month since July 2025 and its second straight monthly advance.
That run followed a slide of nearly 70% between October and June, and it has still not carried the token back to the level where the drop started. ETH traded near $2,463 on Wednesday, well short of the $2,550 ceiling that has turned back every attempt since the rally began.
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