Anonymous whale buys 27,000 ETH worth $52.03 million via Galaxy Digital OTC
Wallet 0x8c5, dormant for three months and previously limited to stablecoin test transactions, withdrew the ether in an over-the-counter trade that reduced visible impact on public exchange order books.
An anonymous wallet beginning with 0x8c5 acquired 27,000 ETH worth about $52.03 million through Galaxy Digital’s over-the-counter trading desk, according to Lookonchain. The address had been dormant for three months and, before the transaction, had only been associated with stablecoin test transfers. Large OTC trades are commonly used to execute sizable crypto transactions away from public exchange order books, helping limit slippage and immediate visible market impact. The identity of the buyer and the purpose of the accumulation remain unknown.
- OTC deal: An over-the-counter transaction executed directly between parties rather than through a public exchange order book.
- whale: A market participant holding or trading a very large amount of a digital asset.
- stablecoin: A crypto token designed to maintain a relatively stable value, often by being pegged to another asset.