Ethereum

Cryptocurrency

Celsius

Galaxy

Terra

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 <p class="paragraph">Ethereum (ETH) reached its yearly high of $2,310 per token on December 6. Amidst this surge, <a rel="dofollow" title="institutional" href="https://thebittimes.com/tag/institutional.html">institutional</a> <a rel="dofollow" title="giants" href="https://thebittimes.com/tag/giants.html">giants</a> deposited 19,822 ETH ($45.2 million) to cryptocurrency exchanges.&nbsp;</p> 
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 <p class="paragraph">Notably, Galaxy Digital, Celsius, and FTX have signaled their intention to sell a relevant part of their stacks. <em>SpotOnChain</em> gathered this data from known crypto wallet addresses of these <a rel="dofollow" title="giant" href="https://thebittimes.com/tag/giant.html">giant</a> <a rel="dofollow" title="institutional" href="https://thebittimes.com/tag/institutional.html">institutional</a> investors.</p> 
 <p class="paragraph">Moreover, Celsius and FTX have been constantly selling Ethereum and other tokens in 2023. Both companies filed for bankruptcy during the cryptocurrency bear market, which demanded these liquidations.</p> 
 <p class="paragraph">However, Galaxy Digital is still operational under Mike Novogratz’s leadership. Novogratz became known for his support of the collapsed Terra (LUNA) and a remarkable LUNA body tattoo.</p> 
 <h2 class="wp-block-heading" id="h-institutional-giants-eth-activity">Institutional Giants’ ETH activity</h2> 
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 <p class="paragraph">Galaxy Digital made three separate transactions, depositing 9,179 ETH to Binance at an average rate of $2,278, resulting in $20.9 million moved. Despite this sizable transfer, Galaxy Digital’s wallets continue to hold 10,038 ETH, valued at approximately $22.8 million.</p> 
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   Galaxy Digital on-chain portfolio. Source: <em>SpotOnChain</em>
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 <p class="paragraph">Celsius Network’s activity was also notable, as it transferred 7,500 ETH at $2,273 each to a Coinbase intermediate address identified as 0xc45, cumulating $17.05 million.</p> 
 <p class="paragraph">Since November 14, Celsius has moved a total of 44,769 ETH, tallying up to $94.7 million. Of this total, 37,269 ETH have already reached platforms, including Coinbase, FalconX, and OKX, averaging a transfer price of $2,084, amounting to $77.6 million.</p> 
 <p class="paragraph">Finally, FTX, shifting 3,143 ETH to Coinbase priced at $2,294 each, accounted for $7.21 million of the collective outflow. Cumulatively, FTX and associated entity Alameda Research have moved assets worth $573 million to exchanges since October 24, 2023, including 28,427 ETH with a value of $54.3 million.</p> 
 <p class="paragraph">These movements from key <a rel="dofollow" title="giant" href="https://thebittimes.com/tag/giant.html">giant</a> <a rel="dofollow" title="institutional" href="https://thebittimes.com/tag/institutional.html">institutional</a> investors to crypto exchanges may imply a readiness to sell. Essentially, this could potentially exert downward pressure on Ethereum‘s market value.&nbsp;</p> 
 <p class="paragraph">Interestingly, the timing coinciding with Ethereum’s one-year high suggests that these institutions are seeking to capitalize on the recent price spike.</p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/rumors-of-ethereum-sell-off-by-3-institutional-giants-gain-traction-tbt72818.html">https://thebittimes.com/rumors-of-ethereum-sell-off-by-3-institutional-giants-gain-traction-tbt72818.html</a></p>

Rumors of Ethereum sell-off by 3 institutional giants gain traction

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