In a recent series of notable transactions, Ethereum (ETH) whales have transferred approximately $140 million worth of the cryptocurrency to leading exchanges, including Coinbase, Kraken, and OKX.
These moves by significant investors highlight a trend observed after a decline in the supply of ETH on exchanges during the previous month.
According to data from the Ethereum blockchain, as reported by whale monitoring service Whale Alert, several high-value transactions have taken place, signifying the strategic moves of ETH investors.
One such transaction involved the transfer of 20,000 ETH (valued at over $38 million) from Arbitrum to Kraken, a prominent San Francisco-based digital asset exchange.
Another noteworthy transfer involved $48.3 million (equivalent to 25,264 ETH) sent from an unidentified wallet to Coinbase, the largest cryptocurrency exchange platform in the United States.
Additionally, a cryptocurrency whale moved 30,000 ETH (worth nearly $57.7 million) to OKX, a leading digital currency exchange registered in Seychelles.
These substantial transactions coincide with major financial institutions increasingly venturing into the realm of Bitcoin and cryptocurrencies, following the race to launch the first spot Bitcoin exchange-traded fund (ETF) in the United States.
A recent report from Goldman Sachs, citing on-chain data, revealed that the supply of Bitcoin on exchanges experienced a 4% decline, approaching levels last seen in December 2022.
Similarly, Ether’s supply on exchanges decreased by 5.8%, reaching a level not witnessed since May 2018. The report attributed this shift towards self-custody to various factors, including regulatory challenges faced by spot exchanges and concerns related to cyber hacks and theft.
Goldman Sachs emphasized that investors’ preference for staking Ether instead of passively holding it on exchanges has contributed to the decrease in supply on exchanges.
These developments suggest a growing trend of investors seeking alternative storage solutions for their Ethereum assets.