In a significant on-chain movement that has caught the attention of cryptocurrency traders worldwide, a major Ethereum whale from the ETH ICO era has once again made headlines by depositing 996 ETH, valued at approximately 2.6 million USD, to the OKX exchange just six hours ago as of June 4, 2025, at around 12:00 PM UTC. This transaction was reported by a well-known crypto tracking source on social media, highlighting the whale’s consistent selling pattern. According to the source, this whale, who originally acquired a staggering 1 million ETH at an estimated cost of just 0.31 USD per token during the ICO in 2014, currently holds 48,748 ETH in their wallet. Based on their recent activity of selling approximately 960 ETH every two days, it is estimated that the whale could fully liquidate their remaining holdings within the next 100 days. This consistent selling pressure from such a large holder raises critical questions for Ethereum traders, especially regarding potential price impacts on ETH across multiple trading pairs like ETH/USDT and ETH/BTC. As of the latest data at 12:30 PM UTC on June 4, 2025, Ethereum is trading at around 2,610 USD on major exchanges like OKX and Binance, reflecting a minor dip of 0.5% in the last six hours post-transaction, possibly tied to this whale’s activity.

From a trading perspective, this whale’s actions could introduce short-term bearish pressure on Ethereum’s price, particularly as the market absorbs these large sell-offs. The consistent volume of 960 ETH every two days translates to roughly 2.5 million USD in selling pressure at current prices, which is significant for mid-term price stability. Traders monitoring the ETH/USDT pair on OKX, where the deposit was made, should watch for increased sell-side volume, which spiked by 8% to 12.3 million USD in the six hours following the deposit as of 12:30 PM UTC on June 4, 2025. Additionally, cross-market analysis reveals a potential correlation with Bitcoin’s price action; as ETH/BTC dipped by 0.3% to 0.038 BTC in the same timeframe, it suggests that ETH is underperforming relative to BTC, possibly due to this whale’s selling activity. For traders, this presents opportunities to short ETH against BTC or hedge positions using derivatives on platforms like Binance Futures. Moreover, on-chain metrics tracked by prominent blockchain analytics platforms indicate a rise in ETH transfer volume to exchanges, up by 15% in the last 24 hours as of June 4, 2025, signaling potential profit-taking by other large holders as well.

Diving into technical indicators, Ethereum’s price chart on the 4-hour timeframe shows a break below the 50-period moving average at 2,620 USD as of 12:00 PM UTC on June 4, 2025, a bearish signal for short-term traders. The Relative Strength Index (RSI) on the same timeframe sits at 42, indicating neutral to slightly oversold conditions, which could attract bargain hunters if the price dips further to the next support level at 2,550 USD. Trading volume on major pairs like ETH/USDT saw a notable uptick of 10% to 450 million USD in the last 24 hours across top exchanges, reflecting heightened market interest possibly driven by this whale’s activity as of the latest data on June 4, 2025. Additionally, the correlation between Ethereum and broader crypto market sentiment remains strong, with a 0.85 correlation coefficient to Bitcoin’s price movements over the past week. For traders, monitoring on-chain flows and exchange deposit spikes will be crucial in anticipating further sell-offs. While this whale’s actions do not directly tie to stock market events or AI-driven tokens, the broader risk appetite in crypto markets could be influenced by macroeconomic factors or institutional flows, which remain a secondary concern compared to this direct selling pressure. In summary, traders should remain vigilant, focusing on volume spikes and key support levels for potential entry or exit points in ETH trading strategies over the coming days.