Three leading institutions, Galaxy Digital, Paradigm, and Ethereum Foundation, have transferred 72,100 Ethereum to exchanges in recent weeks.
Their movements coincide with #Ethereum ’s price slipping below the $1,570 mark after briefly touching $1,648 on April 21. Notably, the dip follows a pattern similar to Bitcoin’s price movements.
Ethereum is trading at $1,581 at press time, reflecting a 3.75% decline in the last 24 hours and a 3.92% drop over the past seven days. As Ethereum’s price faces a new downturn, large holders are moving their ETH tokens to exchanges.
Recent data from Lookonchain shows significant transfers of Ethereum from major institutions, signaling potential selling intentions. Notably, Galaxy Digital has moved over 65,600 ETH, worth approximately $105 million, onto Binance in the past two weeks.
Is Galaxy Digital Selling Ethereum to Buy Solana?
Galaxy Digital’s transfers ranged from 2,500 to 12,500 ETH per transaction and are believed to be part of a strategic ETH-to-SOL (Solana) swap.
Notably, the firm withdrew 752,240 SOL, worth about $98.37 million, from the Binance exchange. This transaction followed the earlier deposits of ETH into the exchange. Now, its wallet holds just 55,760 ETH and substantial holdings in Solana and other assets.
Withdrawing assets into exchanges is often bearish, as it increases the supply of a token in the market. Further Institutional Transfers and Market Shifts
Further details point to continued institutional activity around Ethereum. Just hours ago, a wallet tied to the Ethereum Foundation deposited 1,000 ETH (worth about $1.58 million) into Kraken. This wallet received 84,513 ETH from the Foundation 10 years ago when it cost around $1.2 per ETH.
On April 21, Paradigm, a crypto investment firm, transferred 5,500 ETH (worth roughly $8.66 million) to Anchorage, a major institutional brokerage platform.....
