OKX Sees Influx of Ethereum as Whales Trigger Market Downturn with Massive ETH Dump

Ethereum’s market stability was shaken as large-scale holders, often referred to as ’whales,’ offloaded a staggering 684,000 ETH within a single day, causing a 4% price drop. Among the transactions, two previously dormant addresses moved 1,546 ETH to exchanges, including OKX, exacerbating trader frustrations amid ETH’s three-week stagnation between $2,400 and $2,700. On-chain data indicates long-term whales are reducing their holdings, sparking fears of further downside. This selloff highlights the significant impact whale activity can have on market sentiment and price trajectories, with OKX emerging as a key platform for these large transactions.

Ethereum Whale Selloff Triggers Market Jitters as 684K ETH Dumped

Ethereum’s price trajectory turned bearish after large holders unloaded 684,000 ETH within 24 hours, sparking fears of extended downside. The asset slid 4% as whale wallets funneled holdings to exchanges, with two dormant addresses moving 1,546 ETH to platforms including OKX.

The selloff exacerbates frustration among traders after ETH’s three-week stagnation between $2,400-$2,700. On-chain data reveals long-term whales breaking silence—one address retaining 50,704 ETH after offloading $2.54 million worth to OKX signals eroding patience among major stakeholders.

Market structure now teeters between rangebound consolidation and breakdown. The concentrated distribution from historically inactive wallets suggests shifting sentiment among Ethereum’s most committed holders.

Bitcoin Poised for Final Dip Before Potential $125K Surge

Bitcoin’s recent 3.4% weekly decline to $105,333 masks brewing technical strength. The cryptocurrency appears to be forming a recurring ascending broadening wedge pattern—a structure that previously propelled BTC from $97,900 to $104,000 in May.

Analyst Moustache highlights key levels: support held firm at $103,489 after testing $100,700, while resistance peaked at May’s $111,980 all-time high. The OKX 4-hour chart shows striking similarities to April’s setup, where disciplined range-bound trading preceded explosive upside.

Market mechanics suggest accumulation beneath the surface. Each successive higher low since mid-May demonstrates resilient demand, with the $100K psychological level now acting as hardened support. A decisive breakout above $112K could trigger algorithmic buying toward the $125K target.