The amount of ETH moved to Binance and Coinbase totaled $45.2 million at the time of writing.
A closer look at the report
Spot on Chain, a platform that provides blockchain tracking metrics, recently portrayed data showing the massive transfer of Ethereum to CEXs Binance and Coinbase today.
According to the data, the first transaction that caught the eyes of crypto market enthusiasts was made by Galaxy Digital, a digital asset institution that offers various trading insights and services. The transaction noted the transfer of 9,179 ETH, equivalent to $20.9 million, to Binance, the world’s leading centralized cryptocurrency exchange, today. Meanwhile, Galaxy Digital’s current ETH holdings amount to 10,038 ETH, valued at $22.8 million.
Furthermore, the second transaction that caught the eyes of traders and investors within the broader crypto market was made by Celsius Network. The crypto financial services company recently deposited 7,500 ETH on Coinbase, attracting attention across markets. The amount of ETH transferred to Coinbase was valued at $17.05 million at the time of writing. In addition, the institution’s total ETH outflow since November 14th is 44,769 ETH, according to market charts.
In addition to the above-mentioned transactions, a third transaction caught the attention of market enthusiasts: the transfer of 3,143 ETH to Coinbase, one of the world’s leading cryptocurrency exchanges. According to reports, this transaction also took place today. In addition, the amount of ETH transferred to Coinbase totaled $7.21 million. Meanwhile, the total ETH outflow from FTX since October 24th is a whopping $54.3 million.
ETH Price Jumps Amid Dumping of Tokens on CEXs
At the time of writing, the price of Ethereum has seen a marginal increase of 2.24% over the past 24 hours, reaching $2,259.48. In addition, the token has also seen a significant increase of 10.07% over the past week, supported by a rise of 19.22% over the past thirty days.
However, the dumping of ETH on CEX seems to be at odds with the aforementioned price spike the token is experiencing, as the supply in circulation may be increasing.
