Massive Ethereum Outflow from Coinbase Raises Questions

On August 23, 2024, at 06:00 AM local time, Coinbase witnessed a significant outflow of 681,318 Ethereum, marking the largest movement of the year. During this period, a net total of 296,355 Ethereum, valued at approximately $781 million, exited the exchange.

Despite no current evidence linking this outflow to Spot Ether ETFs, Ethereum's MVRV score of 1.32 suggests that institutional investors may be anticipating a price increase. This substantial movement is unlikely to be driven by individual investors, indicating that large institutional players or whales are likely behind the transactions.

Further updates will follow as more information becomes available.