Ethereum whale moves $57.88M as outflows deepen — Can ETH defend $2,400?

A major Ethereum transaction recently caught market attention after 23,528 ETH moved from Coinbase Institutional to an unknown wallet. According to Whale Alert, this transfer was valued at around $57.88 million worth of ETH, marking a significant movement from an institutional custody. However, the receiving address remained unidentified, leaving the wallet's ownership and the purpose of the transaction unclear. Meanwhile, on the other side, BlackRock reportedly sold approximately $69.68 million worth of ETH, introducing another significant institutional development. These developments notably emerged during a period of significant exchange outflows, reflecting contrasting signals around Ethereum's institutional activity. ETH exchange outflows approach fourth consecutive week Here, it's worth noting that Ethereum's spot exchange flows recorded three consecutive weeks of net outflows, extending a sustained withdrawal trend.

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