On-chain data shows that the well-known market maker Cumberland has just transferred 22,289 ETH to a Coinbase Institutional address, worth approximately $103 million. This is the second large transfer it has made within a few hours.

Cumberland's move is indeed quite significant. In just one day, it transferred over $200 million worth of ETH to institutional desks. Don't simply assume that transfers to exchanges mean selling. This level of operation, especially through Coinbase's institutional channel, seems more like preparing for large OTC trades or providing ammunition for a hungry ETH ETF.

This completely confirms the grand narrative that Ethereum is being 'recruited' by Wall Street. On one side, treasury companies like Bitmine are crazily sweeping the market, while on the other side, top firms like Cumberland are mobilizing massive liquidity behind the scenes.

The supply and demand dynamics of ETH are being completely rewritten. The small amount of coins held by retail investors seems insignificant in this institutional-level game. Market volatility is definitely going to intensify, but the steering wheel is no longer in the hands of retail investors.