In the past 24 hours, many large organizations have simultaneously transferred over 24,000 ETH to exchanges, raising concerns about potential short-term selling pressure. According to on-chain data shared by the account @OnchainDataNerd, the total amount of Ethereum transferred is estimated to be around $40.15 million.
Among them, Galaxy Digital is the largest transfer, with 12,500 ETH sent to exchanges, equivalent to approximately $20.29 million at current market prices. Polychain Capital is also significant, having transferred 5,700 ETH, valued at around $9.19 million. Additionally, B2C2 - one of the leading LPs - has transferred a total of 6,540 ETH, equivalent to approximately $10.67 million.
The movement of large amounts of ETH from institutional wallets to exchanges is closely monitored by the investment community. The purpose of this action is currently unclear, but some suggest it could be a signal of short-term selling pressure, potentially impacting Ethereum's market price.
