- Ethereum price today: $2,330

A top investor deposited 78,000 Ethereum onto the Binance platform on Friday, raising their potential sales to 244,000 Ethereum over the past three days.
Ethereum exchange-traded funds (ETFs) broke a four-day streak of inflows, recording $103.5 million in outflows.
Ethereum rebounded from the 50-day exponential moving average after a two-day decline.
Ethereum’s price (ETH) gave back earlier-week gains and is currently hovering near $2,330 as of Saturday when this report was written. This pullback follows intensive selling across major investor wallets.

Gareth Jin, one of the most prominent Bitcoin pioneers, who also holds a large Ethereum balance, transferred an additional 78,000 Ethereum to the Binance cryptocurrency trading platform on Friday, according to EmberCN, a site specializing in tracking smart investments. Jin had previously transferred 166,000 Ethereum to the platform on Wednesday, bringing his total potential sales to 244,000 Ethereum over the past three days.

The selling coincides with Ethereum’s price dropping by roughly 6%, with the leading altcoin falling from $2,423 to $2,277 over that period.

This large investor is known for perfect timing of the “leveraged funding” operation on October 10, after building a massive sell position worth $1.1 billion. However, he incurred a loss of $378 million across several buy positions in January.

Market participants often use whale activity to determine their timing for entering and exiting the market.

Similarly, many prominent whale wallets have increased their deposits on trading platforms over the past few days.

On the institutional side, US spot ETH exchange-traded funds (ETFs) ended a four-day streak of inflows on Thursday, recording net outflows of $103.5 million, according to data from SoSoValue.

According to a report released by Crypto Quant on Thursday, institutional capital shows a clear preference for Bitcoin over Ethereum. Since the market lows in early February, Bitcoin funds have added 92,116 Bitcoin, while Ethereum funds have lost 127,000 Ethereum. The latter saw little to no notable rebound until April.

The report said: “During periods of uncertainty, many funds appear more willing to reduce exposure to ETH first, while holding or rebuilding BTC positions as a safer allocation for crypto assets.”

Ethereum fund holdings. Source: Crypto Quant

Meanwhile, the bearish situation in Ethereum perpetual contracts continues to weigh on prices, with funding rates showing short selling dominance.
$ETH ‌