New Whale Moves Almost 29k ETH Tokens From Coinbase, Possible Price Reaction?

A new crypto whale has emerged and moved approximately 29k worth of Ethereum (ETH) tokens from the Coinbase exchange. This update has sparked discussions and raised speculations among the crypto community over a possible price reaction in the short term. Amid the ongoing ETH price correction, the large investor transferred a staggering amount over the last day.

Interestingly, this transaction coincides with other notable accumulations within the last 24 hours according to several crypto transactions trackers. As a result, positive sentiments surrounding the token have been ignited. Let us look at the recent transactions closely.

$83 Million Worth of ETH Tokens Shifted From Coinbase

According to recent data from Oklink, a blockchain transaction and information explorer, a fresh wallet has amassed a total of 28,900 ETH tokens from the US-based Coinbase exchange. At the time of writing, the total value of the transaction is worth $84.19 million. Additionally, the wallet address was also spotted transferring about 10.04K ETH tokens (worth $29.03 million) from the Bitstamp exchange.

Meanwhile, this is not the only transaction to have been recorded within the time. According to another on-chain transaction tracker, WhaleAlert, a colossal amount of Ethereum tokens have been moving between wallets over the last day. Approximately 5 hours ago from the time of writing, an anonymous whale moved exactly 11,282 ETH (valued at $32,524,273) from a wallet to the Coinbase exchange.

🚨 🚨 11,282 #ETH (32,542,273 USD) transferred from unknown wallet to #Coinbasehttps://t.co/ef5VvwCQBR

— Whale Alert (@whale_alert) May 15, 2024

Shortly after, about 30,807 ETH (worth $88.9 million) was transferred from another wallet to Coinbase Institutional. Following this, a wave of several ETH transfers carrying at least 7,000 tokens from Coinbase Institutional to wallets labeled as ‘unknown’ were registered. Per the report, the first one moved 7,742 valued at $22.3 million. The second carried 7,080 (worth $20.4 million). Another one shifted 7,742 (worth $22.3 million) all within the last 4 hours.

The appearance of these transactions at a time when Ethereum appears to be experiencing a monthly correction has raised expectations for more price movement for the cryptocurrency in the future.

Ethereum (ETH) Price Today

Meanwhile, the price of Ethereum, the second-largest cryptocurrency by market cap has appeared to suffer losses over the week. According to data from CoinMarketCap, the price of ETH today is $2,916, representing a 0.05% decrease in the last 24 hours. What is more, the volume has also dropped within the observed time. Per CMC data, the 24-hour trading volume of ETH has dipped by 7% to $11.3 billion with a live market cap of $350.3 billion.

According to Coinglass data, ETH’s open interest increased by 2.47% to $10.83 billion, while the volume of derivatives dropped by 14.15% to $18.17 billion. This could be the cause of the token’s present market volatility, given there is little investor interest in the asset and little market activity.