Institutional investors executed a flurry of high-value cryptocurrency transfers over the past two days, moving close to $1 billion worth of Bitcoin and Ethereum across exchanges and custody wallets, according to on-chain data compiled by market observers.

The activity was dominated by three distinct movements: an unidentified entity sent roughly $129 million in Ether to six centralized exchanges, trading firm Cumberland moved $37.66 million in ETH off Binance, and Japanese investment company Metaplanet transferred its largest single batch of Bitcoin ever to Coinbase Prime.

Unidentified Entity Sends 52,739 ETH to Exchanges

An unnamed institution transferred 52,739 ETH to six centralized exchanges, including Binance and OKX, over a…