A Giant Whale Withdrew $22.11 Million In ETH From OKX After The Market Crash

Key Points:

• Discovered one more whale address has withdrawn a total of $13,301 ETH ($22.11 million) from OKX since August 20.
• Before that, another whale also withdrew 17,901 ETH (Ethereum), equivalent to 30 million USD, from these platforms.
• The exact motives of the whales are unknown at this time but worries about regulators tightening regulation could be one of the causes.

On-chain analyst Lookonchain discovered another giant whale address starting with 0x3cee withdrew 13,301 ETH (approximately $22.11 million) from OKX after the market plunge.

Specifically, according to on-chain data, it can be seen that this address withdrew this ETH from OKX in three transactions starting from August 20. This was a severe bear market following BTC’s massive dump on the day. August 18 caused more than $1 billion of traders to be liquidated in 24 hours.

Before that, another whale, 0x5ba3 deposited a large amount of stablecoins, totaling 10 million USDC and 57 million USDT, into top exchanges Binance and OKX. Following these deposits, this whale withdrew a total of 17,901 ETH (Ethereum), or $30 million, from these platforms.

The withdrawal may reflect traders choosing to self-manage their cryptocurrencies amid the recent regulatory crackdowns on the digital asset sector in the United States. This way, they may want to keep the asset in a personal wallet or use it for other investment opportunities.

In early June, the United States Securities and Exchange Commission (SEC) sued Binance and Coinbase for violations and listing of unregistered securities. So far, the progress of the lawsuits has yet to show any signs of cooling down.

Yesterday, a few Binance users received an email informing them of the early closing of their accounts. The world’s largest cryptocurrency exchange has lost its banking partner Paysafe and was denied permission to operate by German authorities. In addition, within a month, Binance has continuously withdrawn from 4 other European countries, including the United Kingdom, the Netherlands, Cyprus, and Austria. All are affected by the context of tightening regulations.

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