Ethereum Soars 13% in a Day as Wall Street Whales Move Over 72,000 ETH — What Are They Planning?

Jakarta, Pintu News – As of April 22, 2025, three major institutions – Galaxy Digital, Paradigm, and the Ethereum Foundation – have moved a total of 72,100 Ethereum to various exchanges in recent weeks.

This movement came as the price of Ethereum (ETH) fell below the $1,570 mark after touching $1,648 on April 21. Interestingly, this decline shows a similar pattern to the price movement of Bitcoin (BTC).

Then, how will Ethereum price move today?

Ethereum Price Rises 13.62% in 24 Hours

As of April 23, 2025, Ethereum (ETH) is trading around $1,785—or approximately IDR 30,206,872—marking a notable 13.62% surge in the past 24 hours. Over the course of the day, ETH dipped to a low of IDR 26,586,289 before climbing to a high of IDR 30,500,147, showcasing a strong rebound in market momentum.

At the time of writing, data from CoinMarketCap shows that Ethereum’s market capitalization stands at around $215.43 billion, with daily trading volume rising 58% to $25.21 billion within the last 24 hours.

Read also: Bitcoin Hits $90K Again Today (April 23) — Is This the Start of a Massive Bull Run?

Did Galaxy Digital Sell Ethereum to Buy Solana?

Recent data from Lookonchain revealed the transfer of large amounts of Ethereum by large institutions, indicating a possible intent to sell.

One of the most prominent, Galaxy Digital, has moved more than 65,600 ETH – worth around $105 million – to Binance in the past two weeks.

Galaxy Digital’s transfer of Ethereum, which ranged from 2,500 to 12,500 ETH per transaction, was allegedly part of a strategy to exchange ETH for SOL (Solana).

Interestingly, the company was recorded withdrawing 752,240 SOL – worth approximately $98.37 million – from the Binance exchange. This withdrawal came after they had previously deposited Ethereum on the exchange.

Currently, the Galaxy Digital wallet holds only about 55,760 ETH, with Solana’s holdings and other assets in bulk.

Notably, withdrawing assets to exchanges is generally considered a bearish signal, as it adds to the supply of tokens on the market and potentially depresses prices.

Continued Institutional Displacement and Market Shift

Recent data shows institutional activity towards Ethereum continues. A few hours ago, a wallet connected to the Ethereum Foundation sent 1,000 ETH (worth about $1.58 million) to the Kraken exchange.

Read also: 5 Cryptos Soaring Today (April 23) — You Won’t Believe Which Altcoin Skyrocketed 145%!

This wallet previously received 84,513 ETH from the Foundation about 10 years ago, when the Ethereum price was still around $1.2 per ETH.

On April 21, crypto investment firm Paradigm also made a transfer of 5,500 ETH (approximately $8.66 million) to Anchorage, a leading institutional brokerage platform.

Over the past year, Paradigm is known to have moved nearly 100,000 ETH to Anchorage.

Based on previous patterns, such transfers are often indicative of further moves to major exchanges such as Coinbase and Binance, which usually signal preparations to sell assets.

Other movements included a whale selling 2,056 ETH at $1,591, followed by shorting Ethereum using 10x leverage on the HyperLiquid platform.

Ethereum Netflow Continues to Decline

Amid this massive wave of asset withdrawals, Ethereum’s net flow from large holders has recorded a drastic decline.

The data shows that Ethereum’s netflow plummeted 96.92% in the last seven days, 95.98% in the last 30 days, and 97.80% in the last 90 days.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Crypto Basic. 3 Top Institutions Offload 72,100 Ethereum to Exchanges: What’s Going on? Accessed on April 23, 2025