Whale Watch: Institutional Investors Make Big Crypto Moves

Institutional investors are making significant moves in the cryptocurrency market, according to on-chain data.

One institution sent approximately $129 million worth of Ethereum (ETH) to centralized exchanges Binance and OKX over the last two days. The entity transferred a total of 52,739 ETH since yesterday, with some of these tokens being withdrawn from Coinbase in 2021 and 2022 at an average cost of $1,700.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 but were removed from staking positions in January last year. Over the past two days, the ETHs have been collected in two wallets before being sent to different centralized exchanges.

In a contrasting move, Cumberland, an institutional cryptocurrency trading company, withdrew 15,390 ETH worth approximately $37.66 million from Binance and moved the assets to its own custody addresses.