Gamma Fund linked wallets deposit 10,976 Ethereum worth $23.9M to Binance

The fund appears to be cashing in on ETH accumulated near $2,000 earlier this year, with another 5,500 ETH potentially headed for the exit.

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Add us on Google by Editorial Team May. 16, 2026

Two wallets tied to the entity known as Gammafund just moved 10,976 ETH, worth roughly $23.9M, into Binance within a single hour. When a fund parks that much Ethereum on a centralized exchange, it’s generally not there for the vibes. It’s there to sell.

The deposit, tracked on-chain via Arkham Intelligence, marks the latest in what appears to be a calculated profit-taking cycle from a fund that timed its Ethereum accumulation remarkably well.

The trade: buy low, deposit to exchange later

Here’s the backstory that makes this interesting. Back in March, Gammafund acquired 11,215 ETH at approximately $1,999 per token, spending roughly $22.4M in total. The fund also previously withdrew 9,000 ETH from Binance at about $1,984 per ETH, loading up on Ethereum in the sub-$2,000 range while much of the market was still licking its wounds from prior drawdowns.

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With ETH trading around $2,178 based on the implied price of this deposit, a cost basis near $2,000 means the fund is sitting on meaningful unrealized gains. Nearly $24M moved to an exchange in an hour suggests this isn’t a test transaction or a wallet reorganization. This is positioning.

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 approximately $12.53M, from the liquid staking protocol ether.fi and transferred that batch to Binance as well. On that portion alone, Gammafund reportedly realized around $2.87M 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. If that batch follows the same playbook, it would mean another $12M-plus headed toward exchange wallets in the near future.

The strategy reads as straightforward: accumulate ETH during periods of weakness, stake it to earn yield while waiting, then systematically unwind positions into strength.

What this means for ETH holders and the broader market

Gammafund used ether.fi to park its ETH productively while waiting for better exit prices. The ability to earn staking yield and then redeem quickly enough to sell into rallies gives funds a flexibility that lowers the opportunity cost of holding large ETH positions.

The next thing to watch: whether that additional 5,500 ETH redemption from ether.fi hits exchange wallets in the coming days, and whether ETH’s price can absorb the supply without giving back recent gains.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.