In the past 24 hours, major investment platforms have moved large amounts of Ethereum (ETH) to crypto exchanges, including Binance and Coinbase wallets
According to on-chain tracker TheDataNerd, Polychain Capital deposited 5,700 ETH (about $9.19 million), Galaxy Digital’s OTC desk sent 10,000 ETH and another 2,500 ETH to Binance, totaling about $20.89 million, and B2C2 moved 6,540 ETH (approximately $10.67 million). These transfers, totaling over $40 million, raise questions about their intentions.
The transaction history also showed that Wintermute Investment firm made multiple ETH deposits into Binance, moving over 10,000 ETH in several transactions. Transfers ranged from 1,300 ETH to 2,600 ETH per transaction, worth several million each.
Meanwhile, Ethereum does not seem to be reacting to this. The price is up 7%, recorded over 7 days, but has dropped 1.34% over the last 24 hours. Right now, it is trading for $1600.84.
As per coinmarketcap, ETH is trading at $1600. Traders believe that it is underperforming at the moment with a 12% drop in trading volume, resulting in at just $12 billion, with a 2% drop in market cap to $193 billion.
Also Read: Crypto Winter Is Here: Coinbase Says the Chill Has Already Begun
