A sizable Ethereum transfer detected over the past two days has once again raised speculation about potential institutional selling.
According to on chain data tracked by Lookonchain, the address 0x70Dd, believed to be linked to a corporate entity, sent a total of 10,975 ETH and received about 10 million USDC in return. The transaction represents roughly 33.5 million dollars in value, drawing renewed attention to institutional liquidity movements.
The two way flow between the outgoing ETH and incoming USDC suggests that this may be an OTC transaction, a liquidity adjustment, or a portfolio reshuffle. Such off exchange transfers are often considered signals of large structured deals that do not immediately create market pressure. No official statement has been issued by the related company so far.
High volume movements of this scale tend to raise sensitivity in the market, especially during periods when ETH prices remain under pressure. Investors are watching closely to see whether this transfer could lead to additional selling while on chain indicators point to increasing institutional activity in recent days.
