Ethereum

2024

On-chain data provided by Lookonchain asserted that two prominent institutions have sent millions worth of ETH to exchanges, which could suggest trouble for the second-largest cryptocurrency.
Currently, Ethereum trades close to $2,700 after gaining 5% within the past week.
<blockquote class="twitter-tweet">
 2 institutions are selling <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$ETH</a>!
 A wallet related to <a href="https://twitter.com/hashtag/Cumberland?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Cumberland</a> deposited 11,800 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$ETH</a>($31.88M) into <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Coinbase</a> 7 hours ago.<a href="https://twitter.com/hashtag/ParaFiCapital?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#ParaFiCapital</a> withdrew 5,134 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$ETH</a>($13.83M) from <a href="https://twitter.com/hashtag/Lido?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Lido</a> and deposited it into <a href="https://twitter.com/hashtag/CoinbasePrime?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#CoinbasePrime</a> 6 hours ago.
 Address:… <a href="https://t.co/zuOe68IIuJ" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/zuOe68IIuJ</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1839866899318096109?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">September 28, 2024</a>
</blockquote>
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As the tweet above reads, the two institutions in question are Cumberland and ParaFiCapital. The former deposited 11,800 ETH (worth almost $32 million) to Coinbase, while the latter withdrew 5,134 ETH (nearly $14 million) from Lido and sent the funds to Coinbase Prime.
Both of those transfers toward the largest US-based exchange happened in the span of a few hours earlier today.
Recall that ETH’s price tumbled hard in early-August under similar circumstances. Back then, another prominent ETH investor, Jump Trading, reportedly <a href="https://cryptopotato.com/ethereum-prices-dump-23-in-massive-market-plunge-where-to-next-for-eth/" data-wpel-link="internal" rel="noopener noreferrer nofollow">sold</a> approximately $500 million worth of the asset, whose price tumbled by double digits in days.
A week later, the company sold a more modest portion of 17,000 ETH (worth $46 million at the time), and Ethereum’s price slipped once again, this time by around 3-4%.
Consequently, the question arises whether the deposits by Cumberland and ParaFiCapital will lead to similar price corrections for ETH, even though they are a lot smaller than Jump Trading’s first.
ETH has been on a roll lately, alongside the broader market, having surged by 5% weekly and trading close to $2,700 for the first time since the aforementioned correction.
The post <a href="https://cryptopotato.com/is-ethereums-price-about-to-dump-as-these-2-institutions-are-selling-eth-holdings/" rel="noopener noreferrer nofollow">Is Ethereum’s Price About to Dump as These 2 Institutions Are Selling ETH Holdings?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Is Ethereum’s Price About to Dump as These 2 Institutions Are Selling ETH Holdings?

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