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

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

Ethereum (ETH) reached its yearly high of $2,310 per token on December 6. Amidst this surge, institutional giants deposited 19,822 ETH ($45.2 million) to cryptocurrency exchanges

Notably, Galaxy Digital, Celsius, and FTX have signaled their intention to sell a relevant part of their stacks. SpotOnChain gathered this data from known crypto wallet addresses of these giant institutional investors.

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.

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.

Institutional Giants’ ETH activity

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.

Galaxy Digital on-chain portfolio. Source: SpotOnChain

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.

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.

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.

These movements from key giant institutional investors to crypto exchanges may imply a readiness to sell. Essentially, this could potentially exert downward pressure on Ethereum‘s market value. 

Interestingly, the timing coinciding with Ethereum’s one-year high suggests that these institutions are seeking to capitalize on the recent price spike.

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