On-chain tracker EmberCN said a wallet believed to be tied to an institution is carrying out a sale involving about 154,300 ETH, valued in the post at roughly $378 million. Since yesterday, the address has transferred 52,739 ETH, or about $129 million, to six centralized exchanges including Binance and OKX over a period of more than a day. The wallet still holds 101,561 ETH, worth around $249 million based on the same estimates. EmberCN’s analysis said the ETH was withdrawn from Coinbase in 2021 and 2022 at an average price of about $1,700, deposited into Ethereum staking in 2023, redeemed in January last year, then consolidated into two wallets over the past two days before being sent in batches to multiple exchanges.
EmberCN said a wallet believed to be linked to an institution is carrying out a sale of about 154,300 ETH, valued at roughly $378 million in the post.
Since yesterday, the address has transferred 52,739 ETH to six centralized exchanges including Binance and OKX over more than a day. The transferred amount was valued at about $129 million. The wallet still holds 101,561 ETH, worth around $249 million based on the same estimates.
How the ETH moved
According to the analysis, the ETH was withdrawn from Coinbase in 2021 and 2022 at about $1,700, deposited into Ethereum staking in 2023, redeemed from staking in January last year, and consolidated into two wallets over the past two days before being sent in batches to multiple exchanges.
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