Matrixport Moves $452M in ETH as Ethereum Hits New High, Sell-Off Ahead?
Highlights
- Matrixport deposited $452 million ETH into Binance and OKX.
- This comes as Ethereum hit a new high.
- A wave of profit-taking could send the altcoin lower.
Crypto firm Matrixport looks to be selling Ethereum, following recent transfers to Binance and OKX. It moved 2,354.6 BTC ($272 million) off both exchanges. This has led to speculations that Matrixport is selling Ethereum to purchase Bitcoin.
Matrixport Moves $452 Million In Ethereum To Binance and OKX
In an X post, on-chain analytics platform Lookonchain drew the community’s attention to these transfers, which occurred today. Wallets linked to the crypto firm deposited 95,873 ETH ($452 million) into Binance and OKX.
Matrixport-linked wallets also withdrew over 2,300 BTC ($272 million) from Binance and OKX. Analysts translate this to the exchange of ETH and BTC. The migration comes in line with the flight into BTC in times of market uncertainty.
Looks like #Matrixport is selling $ETH for $BTC.
In the past 2 hours, they’ve withdrawn 2,354.6 $BTC($272M) from #Binance and #OKX.https://t.co/3yEpMF2arG pic.twitter.com/hrO3UjIROy
— Lookonchain (@lookonchain) August 23, 2025
The transfers introduced the debate on the effect of whale activity on the price. Whereas some believe this balancing of portfolios, others are concerned that this would have a negative impact on ETH prices in the short term. The company has provided no statement so far.
Notably, these transfers come as the Ethereum price rallied to a new all-time high (ATH) on August 22. The ETH rally occurred on the back of Jerome Powell signalling a dovish Fed shift, with a rate cut more than likely to happen in September.
ETH Price Action Amid These Transfers
Ethereum has held its ground despite the whale activity. At press time, the ETH price trades at $4,720, down slightly for the day. The price still trades above last week’s low of $4,500, showing relative strength.
The technical experts emphasize that the current zone of support is the value of 4,650. Should Ethereum continue to maintain the position above, bulls stand to recoup the situation. A breach below could signal weakening sentiment.
Moreover, market confidence comes from growing bullish narratives. They are comprised of ETF optimism and network upgrade progress. Still, large-scale transfers like Matrixport’s could add volatility risk in the short run.
CoinGape’s recent analysis highlights optimism on ETH’s trajectory. It pointed to a “bull flag” chart pattern forming on ETH’s daily chart. The analysis sees the pattern as a setup for a breakout beyond $5,500, despite BlackRock’s $272 million sell-off of ETH.
Another analysis warned of a bearish potential. It noted that whale booking profits could cause Ethereum to decline to $4,000. This perspective relies upon the fall in Spot Taker CVD and increasing selling pressure.
- Coinbase Joins Ripple and Circle In Applying For National Banking License
- USDT Issuer Tether Eyes $200M Raise To Launch Tokenized Gold Treasury Company
- REX-Osprey Files For ADA, HYPE, XLM, SUI ETFs as Crypto ETF Frenzy Heats Up
- ChangeNOW’s Quiet Power Play in Helping Crypto Businesses
- Standard Chartered Sees Bitcoin Soaring to $200,000 by Year-End on ETF Boom
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
