Author: Nancy
Source: PANews
Despite Ethereum's underwhelming price performance, several institutions have actively deposited ETH into centralized exchanges (CEXs).
This article analyzes 9 major institutions that transferred large ETH volumes to CEXs over the past two months (data collected from July 10 to September 9). Collectively, these entities moved 2.919 million ETH, worth $8.58 billion.
Key players include Grayscale, Wintermute, and the Arbitrum Foundation, accounting for over 80% of total outflows. Metrics like average deposit size and transfer price reveal insights:
- Arbitrum Foundation, Grayscale, and Metalpha had the highest average deposit quantities.
- Grayscale, Cumberland DRW, and Jump Trading transferred ETH at above-average prices.
- The Ethereum Foundation sold near a local peak.
Institutional Breakdown
1. Grayscale
- Total Transferred: 1.158M ETH ($2.68B)
Key Details:
- August saw Grayscale’s largest monthly outflow ($710M).
- July 22 marked the single-largest transfer ($1B), likely preparing for its spot ETH ETF launch.
- 96 transactions to Coinbase, averaging 12,063 ETH per transfer at $3,180.
👉 Explore Grayscale’s ETF impact
2. Wintermute
- Total Transferred: 952K ETH ($2.66B)
Key Details:
- Largest deposit: 46,947 ETH ($100M+) on September 7.
- High-frequency transfers, averaging 2,876 ETH per transaction.
- Founder denied ETH sell-off claims, suggesting trading strategies.
3. Arbitrum Foundation
- Total Transferred: 306K ETH ($770M)
Key Details:
- 17 transactions, averaging 19,124 ETH each.
- September accounted for $360M+ in outflows.
4. Cumberland DRW
- Total Transferred: 137K ETH ($410M)
Key Details:
- Biannual transfers, averaging 2,876 ETH at $3,000.
- Retains 9,300 ETH ($21M) as of September 9.
5. Jump Trading
- Total Transferred: 130K ETH ($400M)
Key Details:
- 152 transactions, averaging 854 ETH at $3,120.
- Focused on unstaking ETH.
6. Metalpha
- Total Transferred: 83K ETH ($200M)
Key Details:
- 6,925 ETH per transfer, averaging $2,410.
- Backed by Bitmain ($5M investment).
7. Amber Group
- Total Transferred: 70K ETH ($200M)
Key Details:
- 23 transactions at $2,800 avg.
- Peaked in mid-August.
8. Galaxy Digital
- Total Transferred: 45K ETH ($130M)
Key Details:
- $3,000 avg. price, higher than spot.
- Q2 2024 net loss: $170M.
9. Ethereum Foundation
- Total Transferred: 35K ETH ($100M)
Key Details:
- 7 transactions at $2,680** (near **$2,800 peak).
- Criticism over transparency.
FAQs
Q1: Why are institutions moving ETH to CEXs?
A: Reasons include liquidity management, trading strategies, and preparing for ETFs.
Q2: Did Grayscale’s ETH ETF affect outflows?
A: Yes — its launch coincided with $1B+ transfers.
Q3: Is Wintermute dumping ETH?
A: Unlikely; the founder cited accumulation and derivatives trading.
Q4: What’s the Arbitrum Foundation’s goal?
A: Possibly treasury diversification or funding development.
Disclaimer: This content is for informational purposes only. It does not constitute financial advice.