Heavy ETH Transfers Land on Coinbase Exchange: What Does It Mean?
Discover the recent trend of heavy Ethereum transfers to Coinbase exchange and its potential impact on the cryptocurrency market. Learn about the implications of the transactions and their connection to the overall market movement.
Posted 2 months ago in Ethereum
Within the past day, two anonymous wallets have transferred hefty chunks of Ethereum to leading U.S.-based crypto exchange Coinbase. The transactions involved 21,410 ETH and 21,439 ETH, each worth nearly $35 million. While it is likely that these transfers were made with the intention to sell, the movement of Ethereum to Coinbase caused a small dip in the ETH price.
Earlier this week, there were also two massive ETH transactions made to Coinbase, but analysis revealed that those were just internal transfers between Coinbase's cold and hot wallet addresses. However, a few days ago, an unknown 'smart whale' purchased 20,000 ETH on Binance, leading to speculation that a major Ethereum rise may be on the horizon.
As of now, Ethereum is trading at $1,634. With recent filings for Ethereum spot and futures ETFs, there is potential for a significant price increase in the future.
Last updated 9/10/2023, 3:15:04 PM
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