Institutional Investor Deposits 52,739 ETH to Exchanges

On-chain data indicates that an institutional investor has transferred 52,739 ETH, valued at approximately $129 million, to six centralized exchanges including Binance and OKX over the past two days. The entity still holds 101,561 ETH, worth about $249 million. The assets were originally withdrawn from Coinbase between 2021 and 2022 at an average price of $1,700, subsequently staked in 2023, and redeemed in January of last year before being consolidated into two wallets for the recent exchange transfers.