Two wallets dormant since 2021 sent 14,700 ETH worth $36.94 million to OKX on Sept. 14, coins that were worth nearly $56.9 million when they arrived. A third 2021 wallet followed the same day, locking in a loss of more than 20%.
Two wallets that had sat untouched for more than a year emptied into OKX on Sept. 14, moving 14,700 ETH at a loss. Analysis firm Lookonchain first flagged the deposits and said the two addresses possibly belong to the same whale, since both were funded by the same address in 2021 and both emptied into the same OKX deposit exchange address within about 85 minutes.
The transfers, timestamped
Wallet 0x8155 received 5,000 ETH on Aug. 19, 2021, then sent 1 ETH, 999 ETH and 4,000 ETH to the deposit address on Sept. 14. Wallet 0x49f1 received 9,700 ETH on Oct. 25, 2021, then sent 100 ETH, 4,900 ETH and 4,700 ETH over the same stretch. The small 1 ETH and 100 ETH transfers look like test runs large holders send before moving the real amount.
Where the loss figure comes from
ETH closed near $3,184 on Aug. 19, 2021, and near $4,220 on Oct. 25, 2021. At those prices the 14,700 ETH was worth about $56.9 million on arrival, against about $36.9 million at deposit — a gap of roughly $20 million, or about 35%. Onchain analyst EmberCN said the entity behind the wallets built a position of more than 20,000 ETH during the last bull market at an average cost above the current price, and made these deposits at an average of $2,517 per ETH.
The coins did not sit untouched the whole time, however. In 2024 both wallets sent thousands of ETH into a batch-deposit contract used to spin up Ethereum validators, including three separate 3,220 ETH deposits from the larger wallet on June 19, 2024, before the ETH flowed back consistent with validator exits. That would have added staking rewards to the stack over two years, but not nearly enough to offset a price drop of that size.
A third 2021 wallet heads for the door
EmberCN also tracked a third wallet that received 1,500 ETH on Sept. 24, 2021. It sent 1,250 ETH to MAX Exchange on Sept. 14, a deposit that would lock in a loss of more than 20% if sold. The remaining 249.99 ETH followed early on Sept. 15.
Bitcoin.com News separately tracked a mystery whale that routed 167,855 ETH to exchanges between late August and early September, alongside Genesis-era wallets dormant for over a decade that began moving coins this summer. ETH itself is trading near $2,465, down about 16% from its January opening of $2,970 and roughly 49% below its record of $4,946 set last August.
Source: Bitcoin News
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