Institutional Investors Move Millions in BTC and ETH
Large-scale Bitcoin and Ethereum transactions by institutional investors have caught attention in the cryptocurrency market. According to on-chain data, an unnamed entity has transferred approximately $129 million worth of Ethereum to centralized exchanges, including Binance and OKX, since yesterday.
The entity, which holds 101,561 ETH (approximately $249 million) in its addresses, withdrew these assets from Coinbase in 2021 and 2022 at an average cost of $1,700. The assets were deposited into the Ethereum network for staking purposes in 2023 and removed from staking positions in January last year.
On the other hand, institutional cryptocurrency trading company Cumberland moved in the opposite direction by withdrawing 15,390 ETH (worth approximately $37.66 million) from Binance and transferring them to wallets outside the exchange.
In another notable transaction, Japanese investment company Metaplanet sent approximately 2,400 BTC (worth about $186 million) to Coinbase Prime, marking the largest single BTC transfer ever made by the company.