Institutional Giants’ ETH Activity
Ethereum (ETH) recently reached its yearly high of $2,310 per token, and during this surge, institutional giants have deposited a significant amount of ETH to cryptocurrency exchanges. Notable institutions such as Galaxy Digital, Celsius, and FTX have indicated their intention to sell a portion of their holdings.
SpotOnChain collected data from the crypto wallet addresses of these institutional investors, revealing their recent activity. Celsius and FTX have been consistently selling Ethereum and other tokens throughout 2023 due to the liquidations they had to make during the cryptocurrency bear market. However, Galaxy Digital, under the leadership of Mike Novogratz, remains operational.
Galaxy Digital’s Transactions
Galaxy Digital made three separate transactions, depositing 9,179 ETH to Binance at an average rate of $2,278. This amounted to a total transfer value of $20.9 million. Despite this transfer, Galaxy Digital’s wallets still hold 10,038 ETH worth approximately $22.8 million.
Celsius Network’s Activity
Celsius Network transferred 7,500 ETH at a rate of $2,273 each to a Coinbase intermediate address identified as 0xc45. This resulted in a cumulative transfer value of $17.05 million. Since November 14, Celsius has moved a total of 44,769 ETH with a value of $94.7 million. A significant portion of this has already reached platforms like Coinbase, FalconX, and OKX.
FTX’s Transfer to Coinbase
FTX shifted 3,143 ETH priced at $2,294 each to Coinbase, totaling $7.21 million in outflow. Together with associated entity Alameda Research, FTX has moved assets worth $573 million to exchanges since October 24, 2023. This includes 28,427 ETH valued at $54.3 million.
Potential Impact on Ethereum’s Market Value
The movement of ETH from these institutional investors to crypto exchanges suggests a readiness to sell, which could potentially put downward pressure on Ethereum’s market value. Interestingly, this activity coincides with Ethereum’s one-year high, indicating that these institutions are looking to capitalize on the recent price spike.
Hot Take: Institutional Giants Preparing to Sell ETH Amidst Price Surge
Ethereum’s recent surge in price has attracted the attention of institutional giants like Galaxy Digital, Celsius, and FTX. These institutions have deposited a significant amount of ETH to cryptocurrency exchanges and have signaled their intention to sell. The timing of these transactions, coinciding with Ethereum’s yearly high, suggests that these institutions are seeking to take advantage of the price spike. This influx of ETH into the market may exert downward pressure on Ethereum’s market value in the near future.
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