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.<\/p>\n
Currently, Ethereum trades close to $2,700 after gaining 5% within the past week.<\/p>\n
2 institutions are selling $ETH<\/a>!<\/p>\n A wallet related to #Cumberland<\/a> deposited 11,800 $ETH<\/a>($31.88M) into #Coinbase<\/a> 7 hours ago.#ParaFiCapital<\/a> withdrew 5,134 $ETH<\/a>($13.83M) from #Lido<\/a> and deposited it into #CoinbasePrime<\/a> 6 hours ago.<\/p>\n Address:\u2026 pic.twitter.com\/zuOe68IIuJ<\/a><\/p>\n \u2014 Lookonchain (@lookonchain) September 28, 2024<\/a><\/p>\n\n 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.<\/p>\n Both of those transfers toward the largest US-based exchange happened in the span of a few hours earlier today.<\/p>\n Recall that ETH\u2019s price tumbled hard in early-August under similar circumstances. Back then, another prominent ETH investor, Jump Trading, reportedly sold<\/a> approximately $500 million worth of the asset, whose price tumbled by double digits in days.<\/p>\n A week later, the company sold a more modest portion of 17,000 ETH (worth $46 million at the time), and Ethereum\u2019s price slipped once again, this time by around 3-4%.<\/p>\n 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\u2019s first.<\/p>\n 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.<\/p>\n The post Is Ethereum\u2019s Price About to Dump as These 2 Institutions Are Selling ETH Holdings?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" 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. 2 institutions are selling $ETH! A wallet related to #Cumberland deposited 11,800 $ETH($31.88M) into #Coinbase 7 […]<\/p>\n","protected":false},"author":0,"featured_media":10087,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10086"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10086"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10086\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/10087"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}