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Data published by the analytics account Lookonchain on the social media X platform (formerly widely known as Twitter) shows that institutional whales have started to accumulate Ethereum again.
This happened as the Ethereum price began to increase, adding 4.36% today and reaching $1,827 by now.
$50.24 million ETH withdrawn from Binance and Coinbase
The tweet shared that over the past few hours, a wallet connected to a major institutional crypto liquidity provider Cumberland has laid its hands on a substantial amount of crypto — 27,632 Ethereum worth roughly $50.24 million have been withdrawn from Binance, Coinbase and Copper.
The screenshots show nine consecutive cryptocurrency transfers from the above-mentioned crypto trading platforms.
Mike Novogratz's Galaxy Digital dumps ETH
However, while Cumberland is accumulating the second-largest cryptocurrency, other institutions are getting rid of it. One of them is Galaxy Digital founded by former Goldman Sachs partner and early Ethereum investor Mike Novogratz.
According to the same data source as above, Galaxy Digital has been selling ETH regularly in the past few months, and in the past 8-10 hours, it has transferred 23,000 ETH to the largest U.S.-based cryptocurrency exchange Coinbase. This amount of Ethereum was valued at approximately $42.52 million at the time of the transaction making.
Ethereum ETF flows turn positive
After weeks of outflows faced by spot Ethereum exchange-traded funds (ETFs), last week was green for Ethereum-based ETFs, and this week so far, too. Last week, these funds scooped up 31,199 ETH (that’s $55.5 million), with weekly inflows sitting at 20,518 ETH (Grayscale ETH Trust saw a withdrawal of 16,700 ETH). On Friday, BlackRock’s ETF absorbed 22,704 ETH, according to Lookonchain.
On Monday this week, Ethereum funds witnessed a netflow of 59,538 ETH worth $106.63 million. A total of 30,272 ETH went into BlackRock’s iShares ETF, and now it holds a total of 1,215,231 ETH valued at $2.18 billion.
Fidelity and Grayscale Ethereum Mini Trust faced inflows of 19,984 and 10,359 ETH. High inflows into these ETFs also indicate a growing retail and institutional interest.
Vladislav Sopov
Dan Burgin