In a notable on-chain movement for Ethereum (ETH) traders, a massive ETH whale, reportedly holding 1 million ETH from the ICO days, deposited 996 ETH into the OKX exchange approximately two hours ago, as reported by Ai Yi on social media. Valued at around 2.45 million USD at the time of the transaction on June 6, 2025, this deposit has sparked curiosity in the crypto community, especially due to the recurring '996' figure in the whale's transactions. According to the same source, this whale has allegedly sold off 6,863 ETH since late May 2025, totaling approximately 17.73 million USD. Despite these sales, the whale still holds a substantial 46,756 ETH, valued at 1.15 billion USD as of the latest data, with an astonishingly low cost basis of just 0.31 USD per ETH. This event provides critical insights for traders monitoring large wallet movements, as such actions often signal potential market shifts or liquidation events. For context, at the time of the deposit around 10:00 AM UTC on June 6, 2025, ETH was trading at approximately 2,460 USD on major exchanges like Binance and OKX, showing a slight 1.2% dip over the prior 24 hours based on aggregated market data. This whale's consistent activity could influence short-term sentiment, especially for those trading ETH pairs against BTC or stablecoins like USDT.

Diving into the trading implications, this whale's deposit of 996 ETH into OKX at around 10:00 AM UTC on June 6, 2025, may indicate an intent to sell or reposition holdings, potentially adding selling pressure on ETH. Historically, large deposits by ICO-era whales have preceded localized price dips, as seen in similar movements earlier this year. For traders, this presents both risk and opportunity. On the risk side, if the whale unloads a significant portion of the deposited ETH, it could push ETH's price below key support levels, such as 2,400 USD, a psychological threshold monitored by many. Conversely, this could be a strategic move to provide liquidity for other trades, potentially stabilizing ETH if paired with buying activity. Cross-market analysis shows that ETH's correlation with Bitcoin (BTC) remains high at 0.85 as of June 6, 2025, meaning a broader BTC sell-off could amplify any downward pressure from this whale's actions. Additionally, trading volume on OKX for the ETH/USDT pair spiked by 8% within an hour of the deposit, reaching 12.4 million USD by 11:00 AM UTC, suggesting heightened trader interest. For those eyeing opportunities, monitoring order book depth on OKX and Binance for sudden sell walls could provide entry points if the price dips temporarily.

From a technical perspective, ETH's price action around the time of the deposit on June 6, 2025, at 10:00 AM UTC showed a bearish divergence on the 4-hour chart, with the Relative Strength Index (RSI) dropping to 42, indicating potential oversold conditions. The 50-day moving average for ETH sat at 2,500 USD, acting as immediate resistance, while support lingered at 2,400 USD as of 11:30 AM UTC. On-chain data further revealed a 15% increase in ETH transfer volume to exchanges over the past 24 hours, totaling 28,500 ETH by 12:00 PM UTC, hinting at growing liquidation risks. Trading volume for ETH/BTC on Binance also rose by 5.3% to 3,200 BTC in the same timeframe, reflecting active repositioning among major pairs. Market correlation with broader indices, such as the S&P 500, remains relevant, with a moderate 0.6 correlation as of June 6, 2025, suggesting that any stock market volatility could indirectly impact ETH sentiment. Institutional flows, tracked via ETF inflows, showed a net outflow of 1.2 million USD from Ethereum-related products on June 5, 2025, per industry reports, indicating cautious sentiment among larger players. For traders, combining these indicators with whale tracking tools could help anticipate short-term ETH movements, especially if further deposits or sales from this ICO whale are confirmed in the coming hours.

In summary, this whale's activity underscores the interplay between on-chain actions and market dynamics, offering traders a window to strategize around ETH's price levels and volume shifts. Keeping an eye on stock market movements and institutional flows will be crucial, as they could either dampen or exacerbate the impact of such large transactions on crypto markets. With ETH's current positioning and the whale's remaining 1.15 billion USD in holdings, the next few days could reveal whether this is a precursor to a larger sell-off or a tactical repositioning in a volatile market.

FAQ:
What does the 996 ETH deposit mean for traders?
The deposit of 996 ETH into OKX on June 6, 2025, at around 10:00 AM UTC, valued at 2.45 million USD, could signal potential selling pressure if the whale intends to liquidate. Traders should monitor key support levels like 2,400 USD and watch for increased volume or sell walls on exchanges like OKX and Binance.

How does this whale's activity correlate with stock market trends?
As of June 6, 2025, ETH maintains a moderate correlation of 0.6 with the S&P 500. Any significant stock market downturn could amplify bearish sentiment for ETH, especially if institutional outflows from crypto ETFs, like the 1.2 million USD seen on June 5, 2025, continue.