Two dormant wallets transferred 14,700 ETH to OKX on Sept. 14, worth $36.94 million, after receiving the coins in August and October 2021. The holdings were worth about $56.9 million when acquired at ETH prices near $3,184 and $4,220, implying a gap of roughly $20 million, or 35%, before accounting for staking rewards. Lookonchain flagged the deposits and said the addresses may belong to the same whale because both were funded by one address and emptied into the same OKX deposit address within about 85 minutes. The wallets had also placed thousands of ETH into a batch-deposit contract used to activate Ethereum validators in 2024, including three 3,220 ETH deposits from wallet 0x8155 on June 19. A separate 2021 wallet sent 1,500 ETH to MAX Exchange by early Sept. 15. EmberCN said the entity accumulated more than 20,000 ETH during the last bull market at an average cost above the current price, while the deposits occurred at an average of $2,517 per ETH. ETH is trading near $2,465, down about 16% from its January opening of $2,970 and about 49% below its Aug. record of $4,946.