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Coinbase witnessed a historic $1 billion Ethereum outflow, possibly driven by whales or unidentified institutions.
On June 12th, Coinbase recorded its highest Ethereum outflow of the year, surpassing 336,000 ETH, valued at over $1 billion.
This marks the fifth instance in 2024 where over 150,000 ETH has been withdrawn from the crypto exchange in a single day. The identity of those behind such a massive transfer of funds remains unknown.
Coinbase’s Record $1B Ethereum Outflow
According to CryptoQuant’s latest findings, the scale of these transactions ranges from $400 million to $1.1 billion, indicating they are unlikely driven by individual investors. Instead, these transactions are likely coordinated by whales or unidentified institutional players.
If these withdrawals are not internal transfers within the exchange, they could signal a highly positive long-term outlook for the world’s largest altcoin.
A CryptoQuant analyst also noted similar activities on Coinbase before the trading of spot Bitcoin ETFs began.
Therefore, the $1.17 billion withdrawal on June 12, 2024, could be influenced by whales or institutions anticipating a rise in Ether prices with the introduction of spot Ethereum ETFs.
Spot Ethereum ETF Draws Widespread Attention
With the US Securities and Exchange Commission’s (SEC) approval of spot Ethereum ETFs, ETH-based investment products saw a significant rebound last week, drawing in $200 million in inflows.
This marked the second consecutive week of inflows, ending a 10-week streak of outflows.
Although enthusiasm for these investment vehicles is moderate, as indicated by recent trader positions, a K33 report suggests that spot Ethereum ETFs could attract approximately $4 billion in inflows within the first five months of their launch.
The research firm also noted that the introduction of spot Bitcoin ETFs led to a rally of more than 60% in Bitcoin’s price, indicating that Ethereum might see a similar boost.
Consequently, K33 added that Ethereum ETFs could potentially help the altcoin outperform the world’s largest digital asset.
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