Crypto tracker Whale Alert has observed two large Ethereum transactions going to the US-based digital currency platform Coinbase – and the crypto world is intrigued. These transfers were done one after the other following a 3% rise in the price of Ethereum in the last 24 hours.
As per Whale Alert, two unknown blockchain wallets transferred an aggregate of 300,000 ETH to the Coinbase exchange. Each transfer was 150,000 ETH, which was approximately $395 million at that time. These transactions occurred slightly over four hours before this article was published.
Also Read: SEC Expected to Approve Ethereum ETFs This Summer, Chair Gensler Tells Senate Subcommittee
Market Reactions and Whale Activity
The transfer of such volumes of Ethereum has increased many debates among the community, especially on X, previously Twitter. Some users raised their concerns, saying that these large transfers may signal that these whales are planning to dump Ethereum; hence, there is a prediction that Ethereum’s price may drop sharply soon.
Advertisement
Besides these two transfers, another large transfer was made even earlier, where an anonymous wallet sent 19,999 Ethereum to Binance, the biggest cryptocurrency exchange in the world. The latest of such transfers, which amounts to $52 million, has only fired the imagination of the possible motive behind such large transactions on Ethereum.
Conclusion
Ethereum has seen an increase in significant transactions in the latest period when investors sent vast amounts of Ethereum to exchanges such as Coinbase and Binance, which caused expectations to rise regarding new value. Although people have not yet been able to determine the different reasons that cause the execution of such transactions, the crypto community is still keen on the whales’ movements. At the same time, people turned to the Ethereum market, expecting its further evolution would provoke something new.
Also Read: Ethereum ETFs Experience Mixed Results Amid Market Dynamics
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.