Three major institutions, Galaxy Digital, Paradigm, and the Ethereum Foundation, have moved 72,100 Ethereum to exchanges amid a price drop below $1,570. Notably, Galaxy Digital’s transfers suggest a strategic shift towards Solana. Institutional activity indicates a potential bearish market with significant declines in Ethereum net flows.
In recent weeks, three prominent institutions—Galaxy Digital, Paradigm, and the Ethereum Foundation—have collectively moved 72,100 Ethereum (ETH) to exchanges. This transfer occurred as Ethereum’s value fell below the $1,570 threshold, after briefly peaking at $1,648 on April 21. Current trading data indicates that Ethereum is priced at $1,581, marking a decline of 3.75% in the last 24 hours and 3.92% over the past week.
Recent findings from Lookonchain demonstrate substantial Ethereum transfers by major institutions, indicating potential selling behaviour. Particularly, Galaxy Digital has contributed over 65,600 ETH, equivalent to approximately $105 million, to Binance within the last fortnight. This influx suggests a tactical shift where large holders are relocating their Ethereum tokens.
Notably, the transactions made by Galaxy Digital ranged between 2,500 to 12,500 ETH, and they may signify a strategic shift from Ethereum (ETH) to Solana (SOL). Following their Ethereum deposits, Galaxy Digital withdrew 752,240 SOL from Binance, valued at around $98.37 million. This action has left the firm with a remaining balance of 55,760 ETH alongside significant Solana holdings.
Additionally, a wallet associated with the Ethereum Foundation has recently deposited 1,000 ETH, approximately $1.58 million, into Kraken. This wallet originally acquired 84,513 ETH from the Foundation around ten years ago when ETH was valued at approximately $1.20. Meanwhile, Paradigm executed a transfer of 5,500 ETH—approximately $8.66 million—to Anchorage, a leading institutional brokerage, continuing past trends where similar movements tend to precede sales on prominent exchanges.
Other notable activity includes a whale selling 2,056 ETH at a price of $1,591, followed by leveraged short positions being taken on Ethereum via HyperLiquid. Overall, the outflows from major holders have led to a drastic contract in Ethereum net flows, noting a staggering 96.92% decrease within the past week, 95.98% within the month, and a stark 97.80% drop over three months.
Disclaimer: This article serves an informational purpose and should not constitute financial advice. The views expressed reflect the author’s opinions, which do not necessarily represent those of The Crypto Basic. Readers are advised to conduct thorough research before making investment decisions. The Crypto Basic disclaims any liability for financial losses incurred.
