Cryptocurrency markets shaken by massive $45.2 million Ethereum transfer to Binance and Coinbase

Amid the dynamic cryptocurrency landscape, a series of recent Ethereum (ETH) transfers to centralized exchanges (CEXs) sparked widespread speculation and market discussion on December 6th.

Transactions that attract attention are aggregated within 24 hours. 19,822ETH It surfaced through three major digital exchanges.Binance and coinbase. These transfers, with a cumulative value of $45.2 million, created ripples in the cryptocurrency space.

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Spot on Chain, a platform specializing in blockchain metrics, has released data highlighting the massive movement of Ethereum to CEXs (mainly Binance and Coinbase).

Galaxy Digital, a notable digital asset institution, initiated its first notable transaction, transferring 9,179 ETH worth $20.9 million to Binance. Meanwhile, the institution holds 10,038 ETH worth $22.8 million after the transfer.

Another significant move was the transfer of 7,500 ETH (approximately $17.05 million) to Coinbase from Chelsea Network, a cryptocurrency financial services provider. This transaction attracted attention across the market, considering the total ETH outflow from the Chelsea Network since November 14th (a total of 44,769 ETH).

At the same time, a third transaction was noticed transferring 3,143 ETH to Coinbase. This movement worth $7.21 million also occurred on the same day. FTX, which is conducting this transfer, has transferred a cumulative $54.3 million worth of ETH since October 24th.

Market Impact and Ethereum Price:

Despite these significant transfers, Ethereum increased slightly by 2.24% over the last 24 hours, reaching $2,259.48. Moreover, the token has seen notable surges of 10.07% and 19.22% over the past week and month, respectively.

However, the surge in ETH price appears to contradict the ongoing increase in circulating supply due to significant inflows into CEX, raising questions about potential market impacts and supply dynamics.