Ethereum Whales Make Big Moves, Totaling $129M in Two Days
Large-scale transfers of Bitcoin and Ethereum by institutional investors have caught the attention of the cryptocurrency market. According to on-chain data, one institution sent approximately $129 million worth of Ethereum to centralized exchanges in the last two days.
The entity, which remains unnamed, transferred a total of 52,739 ETH to six centralized cryptocurrency exchanges, including Binance and OKX. This represents around $249 million at current prices.
The Ethereum tokens were withdrawn from Coinbase in 2021 and 2022 at an average cost of $1,700. They were then deposited into the Ethereum network for staking purposes in 2023 before being removed from staking positions in January last year.
In contrast, Cumberland, an institutional cryptocurrency trading company, withdrew 15,390 ETH worth approximately $37.66 million from Binance and transferred the assets to wallets outside the exchange.