Institutional Player Unloads $378M in Ethereum
A large institutional player has been transferring Ethereum (ETH) to major exchanges Binance and OKX, indicating potential selling pressure on the asset.
The entity in question routed 52,739 ETH worth $129 million into these platforms over the past day alone. This comes as another batch of 101,561 ETH valued at $249 million remains in two wallets for possible further sales, totaling a significant 154,300 ETH or $378 million.
The coins originated from Coinbase withdrawals between 2021-2022 and were later moved into Ethereum staking in 2023. They were redeemed last January before being consolidated, ultimately leading to the recent exchange inflows.
On a technical level, ETH is currently trading at $2441.67 on the 4h chart, with its price holding above the EMA50 support at $2422.69. However, the EMA200 sits significantly lower at $2168.07, indicating potential downward pressure.