In the last 24 hours, over $230 million worth of ETH has been withdrawn by two institutional wallets, indicating a significant shift towards private custody and DeFi distributions.
ETH Withdrawals from Exchanges
A Matrixport-linked wallet withdrew 40,734 ETH valued at $104 million from Binance and OKX, executing two transactions of 5,000 ETH each. Lookonchain reported that over 20,000 ETH passed through this wallet in a few hours, indicating a reduction in exchange inflows and potential price volatility.
Abraxas Capital's DeFi Strategy
Abraxas Capital Management transferred 48,823 ETH valued at approximately $126 million from Binance and Kraken into DeFi protocols. According to Lookonchain, this transaction unfolded across more than 20 operations, reflecting a growing tendency towards on-chain allocations. A notable transaction moved 3,460 ETH in a single block.
Changes in ETH Consumption on the Market
Currently, 89,000 ETH has been withdrawn from exchanges, indicating tightening supply and changing ownership patterns. This creates thinner liquidity and potentially sharper volatility in the spot market as institutional investors act decisively.
Recent ETH withdrawals from exchanges highlight the increasing interest of institutional investors in private custody and DeFi, indicating changes in the Ethereum market structure that may influence its dynamics in the future.
