Data published by the analytics account Lookonchain on the social media X platform (formerly widely known as Twitter) shows that institutional whales have started to accumulate Ethereum again. This happened as the Ethereum price began to increase, adding 4.36% today and reaching $1,827 by now. $50.24 million ETH withdrawn from Binance and Coinbase The tweet shared that over the past few hours, a wallet connected to a major institutional crypto liquidity provider Cumberland has laid its hands on a substantial amount of crypto — 27,632 Ethereum worth roughly $50.24 million have been withdrawn from Binance, Coinbase and Copper.
The screenshots show nine consecutive cryptocurrency transfers from the above-mentioned crypto trading platforms. Lookonchain @lookonchain It seems that whales/institutions are accumulating $ETH! Over the past 3 hours, a wallet linked to #Cumberland has withdrawn 27,632 $ETH($50.24M) from #Copper, #Binance, and #Coinbase.https://t.co/2CNtRUpICk pic.twitter.com/FK0A68w1vT Mike Novogratz's Galaxy Digital dumps ETH However, while Cumberland is accumulating the second-largest cryptocurrency, other institutions are getting rid of it.
One of them is Galaxy Digital founded by former Goldman Sachs partner and early Ethereum investor Mike Novogratz. Lookonchain @lookonchain OTC wallets of Galaxy Digital have deposited 23,900 $ETH($42.52M) to #Coinbase in the past 8 hours.https://t.co/lD8tgkC4Py pic.twitter.com/HdTpVCc1ky According to the same data source as above, Galaxy Digital has been selling ETH regularly in the past few months, and in the past 8-10 hours, it has transferred 23,000 ETH to the largest U.S.-based cryptocurrency exchange Coinbase. This amount of Ethereum was valued at approximately $42.52 million at the time of the transaction making.
Ethereum ETF flows turn positive After weeks of outflows faced by spot Ethereum exchange-traded funds (ETFs), last week was green for Ethereum-based ETFs, and this week so far, too. Last week, these funds scooped up 31,199 ETH (that’s $55.5 million), with weekly inflows sitting at 20,518 ETH (Grayscale ETH Trust saw a withdrawal of 16,700 ETH). On Friday, BlackRock’s ETF absorbed 22,704 ETH, according to Lookonchain.
On Monday this week, Ethereum funds witnessed a netflow of 59,538 ETH worth $106.63 million. A total of 30,272 ETH went into BlackRock’s iShares ETF, and now it holds a total of 1,215,231 ETH valued at $2.18 billion. Fidelity and Grayscale Ethereum Mini Trust faced inflows of 19,984 and 10,359 ETH.
High inflows into these ETFs also indicate a growing retail and institutional interest.
