In a significant development, Coinbase, a leading cryptocurrency exchange, has experienced its largest Ethereum outflow of the year, exceeding $1 billion in value. This marks the 5th time in 2024 that over 150,000 Ethereum has been withdrawn in a single day.

These substantial transactions, ranging from $400 million to $1.1 billion each, are unlikely to be driven by individual investors. Instead, it's plausible that these are the actions of whales or undisclosed institutions.

While the exact motivation behind this Ethereum withdrawal remains uncertain, it's worth noting that similar activities were observed prior to the launch of Bitcoin Spot ETFs. The withdrawal of $1.17 billion on June 12, 2024, could be an indication of anticipation for a rise in Ethereum prices following the introduction of Spot ETFs.

While only time will confirm this hypothesis, such movements that diminish the circulating supply are generally expected to positively influence the price in the medium to long term, providing a promising outlook for the market.