Two wallets tied to Gammafund deposited 10,976 ETH-worth roughly $23.9 million-into Binance within a single hour. When a fund moves that much Ethereum to a centralized exchange, it's generally not for storage. It's to sell.
The deposit, tracked on-chain via Arkham Intelligence, is the latest in a calculated profit-taking cycle from a fund that timed its Ethereum accumulation remarkably well.
The Trade: Buy Low, Deposit Later
In March, Gammafund acquired 11,215 ETH at approximately $1,999 per token, spending roughly $22.4 million. The fund also previously withdrew 9,000 ETH from Binance at about $1,984 per ETH-loading up while much of the market was still recovering from prior drawdowns.
A Pattern of Systematic De-Risking
This isn't the first time Gammafund has taken chips off the table. The fund previously redeemed 5,555 ETH-worth about $12.53 million-from the liquid staking protocol ether.fi and transferred that batch to Binance. On that portion alone, Gammafund reportedly realized around $2.87 million in profit.
Rather than dumping everything at once, the fund has been methodically unstaking, redeeming, and moving ETH to Binance in tranches. Reports indicate Gammafund is in the process of redeeming another 5,500 ETH, likely earmarked for future sales.
The strategy reads as straightforward: accumulate ETH during weakness, stake it to earn yield, then systematically unwind positions into strength.