In the past 24 hours, major crypto investment firms including Polychain Capital, Galaxy Digital, B2C2, and Wintermute have collectively moved over $40 million worth of Ethereum (ETH) to exchanges like Binance and Coinbase, according to data from TheDataNerd.
Big Players (Polychain) Shift ETH to Exchanges Amid Price Stagnation
Polychain deposited 5,700 ETH (~$9.19M), while Galaxy Digital’s OTC desk transferred 12,500 ETH (~$20.89M) to Binance. B2C2 wasn’t far behind, shifting 6,540 ETH (~$10.67M). Wintermute, known for market-making, added to the movement by depositing over 10,000 ETH in multiple large transactions.
Despite this wave of high-volume transfers, ETH price has shown little immediate reaction. It’s currently trading at $1,600.84, reflecting a 1.34% drop in the last 24 hours, though it has seen a 7% gain over the past week.
According to CoinMarketCap, ETH trading volume has decreased by 12%, down to $12 billion, and market cap has slipped by 2%, settling at $193 billion.
While these transfers don’t confirm a sell-off, they’ve certainly sparked speculation about institutional moves and possible market pressure ahead. All eyes are now on Ethereum’s next big move.
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