Ethereum, Solana Slip Amid Crypto Market Rout; Grayscale Adds $65M BTC

Ethereum and Solana, two of the world's leading cryptocurrencies, experienced temporary price drops on Tuesday, with Ethereum briefly falling below the $2,500 mark and Solana dipping below $140.

Ethereum, the second-largest cryptocurrency by market capitalization, had been trading around the $2,500 level for much of the day before dropping to an intraday low of $2,487.50. The price decline came amidst a broader sell-off in the cryptocurrency market, which saw the total market capitalization of all cryptocurrencies fall by more than $100 billion in a matter of hours.

Solana, a high-performance blockchain platform, also experienced a temporary price drop, with its native token SOL falling to an intraday low of $139.50. The price decline came as the broader cryptocurrency market continued to grapple with regulatory uncertainty and concerns about the potential impact of rising interest rates on riskier assets.

Despite the temporary price drops, both Ethereum and Solana have seen significant gains in recent months. Ethereum, in particular, has benefited from the growing popularity of decentralized finance (DeFi) applications and non-fungible tokens (NFTs), which have driven demand for the cryptocurrency.

Meanwhile, institutional investors continue to show interest in cryptocurrencies. On Tuesday, Grayscale, the world's largest digital asset manager, transferred 681.986 BTC to Coinbase Prime, worth approximately $65.19 million. The transfer comes as Grayscale's Bitcoin Trust continues to see strong inflows, with investors pouring more than $1 billion into the fund in the first quarter of 2022 alone.

In other news, a whale, or large investor, deposited 3,000 ETH to Kraken, one of the world's largest cryptocurrency exchanges, three hours ago. The deposit, worth approximately $84.5 million, comes as Ethereum continues to gain traction among institutional investors and retail traders alike.

Similarly, Wintermute, a prominent market maker, withdrew over 106,000 SOL from Binance, the world's largest cryptocurrency exchange, in the past six hours. The withdrawal, worth approximately $16