Ethereum Whales transfer $500 million in ETH to Coinbase

  • Ethereum (ETH) experiences significant token transfers.
  • Investor concerns arise about the potential ETH price drop.
  • Santiment, an on-chain data provider, offers a contrasting view.

Ethereum (ETH), the second-largest cryptocurrency following Bitcoin, has recently witnessed substantial token movements.

While this surge in transfers has raised concerns among investors about a potential drop in ETH’s value, prominent on-chain data provider Santiment has presented a contrasting viewpoint, suggesting that these transfers might not have a significant impact on ETH’s price.

Santiment’s recent post highlights the transfer of 300,000 ETH, valued at around $500 million, to Coinbase by two distinct wallets.

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Notably, these wallets were identified as Coinbase cold wallet addresses. Following the initial transfer, the ETH assets were subsequently dispersed across multiple addresses, with each transaction involving 4282 ETH.

Santiment confirmed that this transfer is one of the largest in 2023 and mentioned, “Ethereum witnessed two separate whale transfers of 150,000 ETH each to Coinbase.”

He added, “While the two transactions in question were among the largest transfers of 2023, Ethereum recorded its largest transaction increase since June 13. While the reason for these transfers is unknown, it may not affect the ETH price.”

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It’s uncertain whether these transfers were executed for selling purposes, but as of the current moment, Ethereum, which reached a high of over $2,000 in 2023, is being traded at $1,623.