Ethereum Whales Send Over $205 Million To Coinbase

On-chain data suggests that some Ethereum whales is likely to be jumping off the bandwagon amidst the ongoing tug-of-war between bulls and bears. This phenomenon has develop into increasingly evident as transaction data from whale trackers reveals a significant uptick in whale activity over the past 24 hours. Nearly all of these transactions are directed towards various crypto exchanges, indicating a possible shift in strategy or sentiment amongst these large-scale investors.

Notably, on-chain transaction alerts from Whale_Alerts show that roughly $205 million value of ETH has been transferred into crypto exchange Coinbase from unknown wallets throughout the past 24 hours.

Ethereum Whales Send Huge Amounts To Coinbase

As noted earlier, transaction alerts from whale transaction tracker Whale_Alerts show that 61,819 ETH were sent to the crypto exchange Coinbase up to now 24 hours from whale wallets. These transactions, collectively value $205 million on the time of transfer, were made known through the social media platform X.

Related Reading

It’s interesting to notice that the movement into Coinbase wasn’t made through a lump sum but was made through a series of 5 transfers, each with a median of 10,290 ETH value over $34 million. Interestingly, the transfers were made in such a consecutive manner that it’d suggest that they were controlled by the identical entity. Regardless, the movement of such a big amount of ETH has ignited attention, as evidenced by comments on the alerts on X. Observers are speculating in regards to the intentions behind these transfers, with most suggesting a possible liquidation.

🚨 🚨 10,291 #ETH (34,116,942 USD) transferred from unknown wallet to #Coinbasehttps://t.co/nDVnyKT28v