ETH price holds steady despite large transfers to Coinbase

Ethereum (ETH), the second-largest cryptocurrency behind Bitcoin, has recently seen significant token movement.

While this rise in transfers has caused fears among investors about a possible reduction in ETH’s value, prominent on-chain data provider Santiment has given a counter-argument, claiming that these transfers may not have a substantial impact on ETH’s price.

Santiment’s new tweet emphasizes the transfer of 300,000 ETH to Coinbase by two separate wallets, valued at about $500 million.

These wallets were specifically designated as Coinbase cold wallet addresses. Following the original transfer, the ETH assets were divided across several addresses, with each transaction containing 4282 ETH.

Santiment verified that this is one of the major transfers in 2023 and stated, “Ethereum witnessed two separate whale transfers of 150,000 ETH each to Coinbase. 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.”

It’s unclear whether these transfers were made with the goal of selling, but Ethereum, which peaked at over $2,000 in 2023, is currently trading at $1,623.

Also Read

Bybit launches AI-Powered TradeGPT for crypto traders

Dubai's cryptocurrency exchange, Bybit, is making waves in the crypto market with...