On-chain data provided by Lookonchain claimed that two prominent institutions have sent millions of eth to exchanges, which could suggest trouble for the second-largest cryptocurrency.
ethereum is currently trading near $2,700 after gaining 5% over the past week.
<blockquote class="twitter-tweet”>
2 institutions are selling twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$eth!
A wallet related to twitter.com/hashtag/Cumberland?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#Cumberland deposited 11,800 twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$eth($31.88 million) in twitter.com/hashtag/Coinbase?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#Coinbase 7 hours ago.twitter.com/hashtag/ParaFiCapital?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#ForFiCapital 5,134 retired twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$eth($13.83 million) twitter.com/hashtag/Lido?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#Pool and deposited it in twitter.com/hashtag/CoinbasePrime?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#CoinbasePrime 6 hours ago.
ADDRESS:… pic.twitter.com/zuOe68IIuJ
— Lookonchain (@lookonchain) twitter.com/lookonchain/status/1839866899318096109?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>September 28, 2024
As the tweet above says, the two institutions in question are Cumberland and ParaFiCapital. The former deposited 11,800 eth (worth nearly $32 million) into Coinbase, while the latter withdrew 5,134 eth (almost $14 million) from Lido and sent the funds to Coinbase Prime.
Both transfers to the largest US-based exchange occurred today within the span of a few hours.
Recall that the price of eth fell sharply in early August under similar circumstances. Back then, another prominent eth investor, Jump Trading, reportedly sold the asset worth approximately $500 million, with the price dropping by double digits within days.
A week later, the company sold a more modest chunk of 17,000 eth (worth $46 million at the time), and the price of ethereum fell once again, this time around 3-4%.
Consequently, the question arises whether the Cumberland and ParaFiCapital deposits will lead to similar price corrections for eth, even if they are much smaller than the first ones from Jump Trading.
eth has been on a roll lately, along with the broader market, having risen 5% weekly and trading near $2,700 for the first time since the aforementioned correction.
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