On December 6th, Ethereum made a strong breakthrough to reach a new peak in 2023, hitting $2,310.
Alongside this ETH growth, significant activities were observed among large holders as they moved 19,822 ETH (approximately $45.2 million USD) to various cryptocurrency exchanges.
Galaxy Digital conducted three separate transactions, sending 9,179 ETH (totaling around $20.9 million USD) to Binance at an average price of $2,278 per ETH. Following these transfers, Galaxy Digital’s wallet now holds 10,038 ETH, valued at roughly $22.8 million USD.
Celsius Network also transferred 7,500 ETH (equivalent to $17.05 million USD) to an intermediary address 0xc45 within Coinbase. Since November 14th, Celsius has moved a total of 44,769 ETH (around $94.7 million USD), with 37,269 ETH (approximately $77.6 million USD) sent to Coinbase, FalconX, and OKX.
Finally, FTX transferred 3,143 ETH to Coinbase, equivalent to $7.21 million USD. Since October 24th, 2023, FTX and Alameda Research have moved assets worth $573 million USD to various exchanges, including 28,427 ETH valued at $54.3 million USD.
It’s evident that these large organizations’ token movements are aimed at selling ETH to lock in profits during a period of market recovery, especially as Ethereum reaches its 2023 high.
However, fundamentally, this could exert downward pressure on the price of Ethereum. As of the time of writing, ETH is trading around $2,243, with a slight correction over the past 24 hours.