According to ChainCatcher, CryptoPotato reported that Coinbase outflowed more than 336,000 ETH yesterday, setting a record for the highest single-day outflow this year, with a value of more than $1 billion. This is also the fifth time in 2024 that the exchange has outflowed more than 150,000 ETH in a single day. The specific information of this large-scale fund transfer is still unclear.
CryptoQuant analysis points out that the size of these transactions ranges from $400 million to $1.1 billion, which indicates that they are unlikely to be driven by individual investors, but rather by whales or unidentified institutions. If these withdrawals are not internal movements of the exchange, then this may indicate a very positive long-term outlook for Ethereum. It is worth mentioning that CryptoQuant analysts also pointed out similar activities on Coinbase before the Bitcoin spot ETF began trading.