An institution has transferred 52,739 ETH to six centralized exchanges including Binance and OKX since yesterday, according to on-chain tracking cited by BlockBeats. The amount was valued in the report at about $129 million. The monitored address still holds 101,561 ETH, or roughly $249 million based on the same figures.
The ETH was reportedly withdrawn from Coinbase in 2021 and 2022 at an average price of about $1,700. It was then deposited into Ethereum staking in 2023 and redeemed in January last year. Over the past two days, the holdings were first consolidated into two wallets before being sent in batches to multiple CEXs. No further details about the institution were disclosed in the report.
BlockBeats reported on Aug. 31, citing Ember monitoring, that an institution has moved 52,739 ETH to six centralized exchanges including Binance and OKX since yesterday. The report valued the transfers at about $129 million.
The address still holds 101,561 ETH, worth about $249 million based on the same figures.
Source of the ETH and transfer route
According to the report, the ETH was withdrawn from Coinbase in 2021 and 2022 at an average price of about $1,700. The institution deposited the holdings into Ethereum staking in 2023 and redeemed them in January last year. Over the past two days, the assets were consolidated into two wallets before being transferred in batches to multiple CEXs.
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