A recent report shows institutional investors accumulating Ethereum again, highlighted by a large withdrawal of 27,632 ETH from major exchanges. Conversely, Galaxy Digital has been selling off its ETH, with notable deposits into Coinbase. Meanwhile, Ethereum ETFs are experiencing positive inflows, suggesting an uptick in interest from both retail and institutional players as they navigate recent market changes.
Recent data from the analytics platform Lookonchain reveals a significant movement in Ethereum holdings, with institutional investors making a comeback in accumulation. Today, the price of Ethereum rose by 4.36%, reaching $1,827. This uptick accompanies substantial withdrawals of ETH from major exchanges, including Binance and Coinbase, totalling 27,632 ETH valued approximately at $50.24 million.
The report highlights a wallet associated with Cumberland, a notable crypto liquidity provider, which made nine separate transfers from these trading platforms. This activity was shared in a tweet by Lookonchain, suggesting that institutions are re-entering the market. Cumberland’s efforts to hoard Ethereum seem to reflect growing confidence among institutional investors in the cryptocurrency.
In contrast, not all institutions are bullish on Ethereum’s prospects. Galaxy Digital, founded by the prominent Mike Novogratz, has opted to sell rather than buy. Recent movements reveal that Galaxy Digital has deposited 23,900 ETH, equating to about $42.52 million, into Coinbase in just eight hours. This trend of divesting from Ethereum has been consistent for Galaxy Digital over the past months, according to Lookonchain.
In the broader context of the market, Ethereum’s spot exchange-traded funds (ETFs) have recently experienced a reversal in fortune. After a period of outflows, these funds recorded inflows, driving the accumulation of 31,199 ETH valued at $55.5 million last week alone. Notably, BlackRock’s ETF has been particularly active, absorbing 22,704 ETH on one day.
So far this week, Ethereum funds enjoyed a net flow of 59,538 ETH, translating to around $106.63 million. BlackRock’s iShares ETF saw inflows of 30,272 ETH, boosting its total holdings to an impressive 1,215,231 ETH valued at $2.18 billion. Other funds, such as Fidelity and Grayscale’s Ethereum Mini Trusts, followed suit with inflows, signalling renewed retail and institutional interest in Ethereum.
