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ETH Anonymous wallets transfer 167,000 Ethereum pieces to exchanges, raising market doubts
An unidentified wallet has transferred 167,855 Ethereum (ETH) pieces worth approximately US$408 million to multiple exchanges, raising new doubts about the token's August rise.
Key Points
A wallet received 167,855 ETH from multiple addresses, and then sent 70,739 of them to the exchange within two days, worth approximately US$174 million. About 97,115 ETH pieces (worth nearly US$237 million) remain in the wallet unutilized. The deposits came after Ethereum closed with a 32.5% gain in August-its strongest month since July 2025.
Ethereum Whales deposit large amounts of tokens into OKX and Binance
Blockchain analyst firm Lookonchain monitored the move on Tuesday and reported that the address had received all 167,855 ETH from multiple wallets before sending any token to any trading platform. Subsequently, these positions began to flow out in stable batches rather than one-time transfers. Within two days, the wallet deposited 70,739 ETH pieces worth approximately US$174 million on multiple exchanges. These transfers are sent in batches of 1000 to 5000 pieces, and destinations include OKX, Binance and Bybit-a pattern often interpreted by traders as having large sellers operating on the order book. The implied transfer price is close to $2430, while the remaining 97,115 ETH units (approximately $237 million) have not yet been moved. No one has publicly identified the owner of the wallet, the motive has not been confirmed, and the wallet has not sent any signal on what to do with the balance it still controls.
CryptoQuant Signal and Ted Pillows Warning on Liquidation Risk
Exchange deposits are important because they expand the pool of tokens available for immediate sale, and CryptoQuant views increasing inflows as a continuing indicator of spot selling pressure. However, a single transfer alone proves nothing, as analysts warn that custody changes, mortgage arrangements and over-the-counter settlements will all leave the same traces along the chain. Chain analyst Ted Pillows warned that leveraged long positions are accumulating near current prices, with open interest of approximately 4.973 million and funding rates remain high. This puts the market at risk when ETH is again rejected by the $2550 mark-a level that has failed to stabilize this week. Traders have suffered a total of $71.6 million in liquidations in the past 24 hours, of which $59 million came from long positions.
BitMine's increase in holdings and ETF inflows provide support for ETH
The other side of the ledger seems more solid. The spot Ethereum ETF attracted $1.85 billion in inflows in August, setting its best monthly performance in more than a year, and ending with 11 consecutive days of net inflows. BitMine increased its holdings by 53,501 ETH units last week, bringing its total position to approximately 5.9 million; meanwhile, wallets holding 10,000 to 100,000 ETH units bought 430,000 ETH units this month, while smaller addresses sold on a rise. Ethereum rose 32.5% in August, its best performing month since July 2025, and the second consecutive month of gains. The rally follows a previous decline of nearly 70% from October to June, but has yet to bring token prices back to their declining starting point. On Wednesday, ETH was trading at around $2463, well below the resistance level of $2550-a level that every attempt to break since the rally began has failed.
