Large-scale Bitcoin and Ethereum transfers by institutional investors are attracting attention in the cryptocurrency market. On-chain data shows that one institution sent approximately $129 million worth of Ethereum to centralized exchanges in the last two days, while hundreds of millions of dollars worth of transactions also took place on Cumberland and Metaplanet.
According to shared data, an unnamed entity has transferred a total of 52,739 $ETH to six centralized cryptocurrency exchanges, including Binance and OKX, since yesterday. The current value of these Ethereum tokens is approximately $129 million.
It is stated that 101,561 $ETH, or approximately $249 million worth of Ethereum, is currently held at the relevant addresses.
According to on-chain data, these ETHs were withdrawn from Coinbase in 2021 and 2022 at an average cost of $1,700.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, and were removed from staking positions in January of last year. Over the past two days, the ETHs have been observed to be collected in two wallets before being sent to different centralized exchanges.
On the other hand, institutional cryptocurrency trading company Cumberland moved in the opposite direction. Cumberland withdrew 15,390 $ETH, worth approximately $37.66 million, from Binance and moved the assets to wallets outside the exchange. This transaction indicates that Cumberland transferred the $ETH supply from the exchange to its own custody addresses.
On the Bitcoin side, transfers made by the Japanese investment company Metaplanet to Coinbase Prime stood out. In its latest transaction, the company sent approximately 2,400 $BTC, worth about $186 million, to Coinbase Prime. This is reportedly the largest single $BTC transfer ever made by Metaplanet.
Metaplanet has transferred approximately 7,200 $BTC to Coinbase Prime in the past week, with a total value estimated at around $720 million. This amount represents 17% of the company’s Bitcoin reserves of approximately 43,000 $BTC.
*This is not investment advice.
