On June 4, a cryptoasset whale or large organization reportedly conducted a large-volume Ethereum purchase through over-the-counter (OTC) market, with a total of 108,278 ETH, equivalent to approximately $283 million. This is a notable activity in the context of OTC transactions increasingly being prioritized by large investors to avoid direct impact on prices on public exchanges.
Within the last 12 hours, Galaxy Digital's OTC wallet has withdrawn approximately 89,000 ETH, equivalent to $234 million, from a major exchange. This move indicates a strong shift of capital from traditional trading ecosystems to non-public liquidation channels, contributing to increased liquidation and minimizing price drop risks in large-scale ETH transactions.
After withdrawal, this Ethereum, along with additional ETH, was transferred to a total of 108,278 to a new wallet address with code 0x0b26. This address currently holds 139,476 ETH, valued at up to $365 million. This large-scale hoarding shows signs of an organization or individual with a long-term investment strategy in the Ethereum network, while also significantly impacting supply and demand balance in the cryptoasset market.
The action of buying and transferring large amounts of ETH through OTC reflects the trend of large investors seeking security and flexibility in trading, while demonstrating Ethereum's strong appeal in critical cryptoasset portfolios. This transaction may also signal potential price fluctuations, as accumulated ETH could influence circulating supply in the global market.
