Author: Nancy, PANews

In the past two months, nine institutions that deposited large amounts of ETH into CEX transferred a total of more than $8.58 billion. Among them, Grayscale, Wintermute and Arbitrum Foundation were the main transfer agents, accounting for more than 80% of the total ETH outflow; while the average deposit price of Grayscale, Cumberland DRW and Jump Trading was relatively higher, and the Ethereum Foundation was closer to the stage high.

The unsatisfactory price performance is causing Ethereum to be caught in a public opinion storm. At the same time, many institutions have begun to frequently deposit ETH into CEX (centralized exchanges).

This article lists the 9 institutions that have deposited large amounts of ETH into CEX in the past two months (based on public addresses, the data was collected from July 10 to September 9). These institutions have transferred more than 2.919 million ETH to CEX, with a value of more than US$8.58 billion. Among them, Grayscale, Wintermute and Arbitrum Foundation are the main transfer forces, and the amount of ETH outflow accounts for more than 80% of the total. And from the perspective of the scale and price of each transfer, the Arbitrum Foundation, Grayscale and Metalpha have the largest average deposits to CEX, while the average deposit prices of Grayscale, Cumberland DRW and Jump Trading are relatively higher, and the Ethereum Foundation is closer to the stage high.

Grayscale

Since the listing of the Ethereum spot ETF in the United States, ETHE has shown a large net outflow trend, and Grayscale's Ethereum holdings have continued to shrink. In the past two months, Grayscale has transferred a total of about 1.158 million ETH to CEX, with a cumulative value of US$2.68 billion. Among them, August was the month with the largest monthly inflow of ETH in Grayscale, with a total of more than US$710 million worth of ETH deposited in CEX; July 22 set the largest single-day inflow during the period, with more than US$1 billion worth of ETH being transferred. This fund was said to be Grayscale's preparation for its Ethereum spot ETF launched on July 23.

At the same time, Grayscale's fund outflow frequency is also high and the scale is large. During this period, it transferred 96 times to Coinbase, which means that the institution carries out at least 1-2 operations per day on average, and the average number of ETH deposited each time is about 12,063. And the average price of Grayscale's outflows is about US$3,180, close to Ethereum's stage high of US$3,500 in the past two months.

Wintermute

In the past few months, Wintermute has started to recharge various crypto assets to exchanges in large amounts, and its positions are now mainly stablecoins. Among them, Wintermute has transferred more than 952,000 ETH to Binance at $2,800 in the past two months, with a value of approximately $2.66 billion. Among them, the largest transfer occurred on September 7, when Wintermute deposited 46,947 ETH (worth more than $100 million). In terms of transfer frequency, Wintermute conducts at least 5 to 6 transfer transactions on average each time, with an average deposit of 2,876 ETH.

It is worth mentioning that the founder of Wintermute denied the rumor of selling ETH in August and said that he had recently bought Ethereum. There is also a market view that the transfer of large amounts of ETH to the exchange may also be a contract transaction based on currency.

Arbitrum Foundation

The Arbitrum Foundation has transferred nearly 306,000 ETH to Binance at a price of $2,530, worth $770 million. Although the frequency of Arbitrum Foundation's ETH operations is relatively low compared to other institutions, only 17 times, its average deposit amount per time is 19,124 ETH. The large amount of ETH transfers from the Arbitrum Foundation mainly occurred in September, with more than 37,000 ETH (more than $360 million) flowing out in just 9 days.

Cumberland DRW

Cumberland is a crypto liquidity provider under high-frequency trading company DRW. In two months, it deposited nearly 137,000 ETH to Coinbase or Binance at about $3,000, worth more than $410 million. According to the frequency of operations, Cumberland transfers ETH to the exchange almost every two days, with an average price of $3,000 and an average amount of 2,876 ETH per deposit. As of September 9, Cumberland still holds more than 9,300 ETH, worth about $21 million.

Jump Trading

Over the past period of time, Jump Trading has been continuously redeeming ETH staked tokens. In the past two months alone, Jump Trading has withdrawn more than 130,000 ETH to exchanges such as Binance, LMAX Digital and OKX, with a cumulative value of more than $400 million. Not only that, Jump Trading's ETH operations are extremely frequent, with 152 large ETH deposits, at least 2 to 3 operations each time, with an average price of $3,120 and an average amount of about 854 ETH.

Metalpha

Metalpha, a Hong Kong asset management company, was jointly invested by Ant Pool and Dragon Win International. It received a $5 million investment from Bitmain last year. Since August this year, Metalpha has successively redeemed ETH pledged tokens and transferred large amounts to Binance. In more than a month, it has deposited more than 83,000 ETH, with a cumulative amount of more than $200 million. In terms of the number of deposits and the amount, Metalpha's average transfer amount is about 6,925 ETH each time, with an average price of about $2,410.

Amber Group

Market maker Amber Group is also one of the main sources of ETH inflow to CEX, and began intensive ETH deposit operations in mid-August. According to statistics, Amber Group transferred more than 70,000 ETH to Binance through at least 23 transactions in the past two months, with an average price of US$2,800, worth about US$200 million.

Galaxy Digital

Affected by the decline in crypto asset prices, Galaxy Digital's net loss in the second quarter of this year was almost four times that of the same period last year, reaching $170 million. In the past two months, Galaxy Digital has deposited nearly 45,000 ETH to Binance, Coinbase and Gemini, with a total value of about $130 million, of which half was outflowed in July. In terms of the average deposit price, Galaxy Digital's average ETH price is $3,000, which is higher than the current price of Ethereum.

Ethereum Foundation

Recently, the Ethereum Foundation has been controversial for its frequent sales of ETH and transparent spending. In the month from mid-August, the Ethereum Foundation transferred more than 35,000 ETH to exchanges such as Kraken and Binance through 7 transactions, worth nearly $100 million. The average transfer price of ETH by the Ethereum Foundation was $2,680, close to the high of $2,800 at this stage, which can be said to have once again verified its "top escape signal."