Ethereum (ETH), the second largest cryptocurrency after Bitcoin, has been experiencing large transfers lately.
At this point, while the possibility that these transfers may bring a decrease in the ETH price makes investors nervous, popular on-chain data provider Santiment argued that these transfers may not affect the ETH price.
Santiment said in his post that two different wallets transferred 300,000 ETH, worth approximately $500 million, to Coinbase.
It was stated that both wallet addresses making ETH transfers were Coinbase cold wallet addresses.
After the wallets transferred the ETHs to the Coinbase hot wallet, the ETHs were transferred to multiple addresses, 4282 ETH per transaction.
Santiment stated that this transfer is among the biggest transfers of 2023 and said:
“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.”
? #Ethereum has seen two separate whale transfers to #Coinbase, each worth 150K $ETH. Among the largest of 2023, this is the highest #onchain transaction spike since June 13. The reasons for these moves are unknown, and may not necessarily impact price. https://t.co/pvsry8QTi5 pic.twitter.com/uSFqdxCf5c
— Santiment (@santimentfeed) September 4, 2023
While it remains unclear whether these transfers were made for sale, Ethereum, which rose to over $ 2,000 in 2023, is traded at $ 1,623 at the time of writing.
*This is not investment advice.