Coinbase received two coordinated Ethereum transfers totaling $486.5 million, potentially impacting the cryptocurrency’s price, while Ethereum co-founder Vitalik Buterin actively moved and sold assets.
Key Points
- Coinbase receives two significant Ethereum transfers, totaling 299,998 ETH (~$486.5 million USD), as reported by Whale Alert.
- Both transfers, each of 149,999 ETH, occurred within the same minute, possibly indicating coordinated efforts and potential selling pressure on Ethereum’s price.
- A separate 15,000 ETH (~$24.6 million USD) transfer was made to crypto exchange Gate.io.
- Ethereum co-founder Vitalik Buterin has been active in moving and selling assets, including a recent sale of 500 Maker tokens for 350 ETH (~$581,000 USD) via CoWSwap.
A leading cryptocurrency exchange, Coinbase, has recently received two significant Ethereum (ETH) transfers, totaling 299,998 ETH, which is approximately $486,482,166 USD.
These transfers were reported by Whale Alert, a blockchain monitoring service.
299,998 ETH transferred from unknown wallet to Coinbase, 15 minutes ago
— Whale (@WhaleChart) September 4, 2023
High-Value Transfers to Coinbase
Coinbase was the recipient of two separate transactions, each consisting of 149,999 ETH, bringing the total to 299,998 ETH.
The combined value of these transfers is approximately $486.5 million USD. It is currently unknown where these high-value transfers originated from.
Source: whale-alert
Coordinated Effort and Potential Selling Pressure
Both transfers to Coinbase were executed within the same minute, indicating a coordinated effort to move a substantial amount of Ethereum into the exchange.
When large amounts are transferred to a crypto exchange, it often implies increased selling pressure, which could potentially have a bearish impact on the asset’s price.
Source: whale-alert
Transfer to Gate.io
In a separate transaction, 15,000 ETH, equivalent to $24,579,443 USD, was transferred to the crypto exchange Gate.io.
Vitalik Buterin’s Asset Movements
Ethereum co-founder, Vitalik Buterin, has been actively moving and selling assets in the past month.
As reported by Blockchain.News, he transferred 999 ETH to a different address and deposited ETH into Bitstamp, another leading cryptocurrency exchange.
Most recently, he sold 500 Maker (MKR) tokens for 350 ETH, valued at around $581,000, via the decentralized exchange CoWSwap. This marks his first MKR sale in two years, and the received ETH was transferred to an address with the prefix 0x3f6.
