Coinbase experienced the largest Ethereum outflow of 2024 on June 12, with over 336,000 ETH, valued at more than $1 billion, being withdrawn. This is the fifth time this year that more than 150,000 ETH has been pulled from the exchange in a single day. The identities behind these massive transactions, which range from $400 million to $1.1 billion, remain unknown, but are likely orchestrated by whales or unidentified institutions.
CryptoQuant analysts suggest that these withdrawals could signal a positive long-term outlook for Ethereum, especially if they are not merely internal shuffles within the exchange. Similar activities were observed on Coinbase prior to the trading of spot Bitcoin ETFs, indicating that these movements could be influenced by anticipation of an increase in Ether prices with the introduction of spot Ethereum ETFs.
Following the US Securities and Exchange Commission’s (SEC) approval of spot Ethereum ETF, Ethereum-based investment products saw a significant rebound, attracting $200 million in inflows and reversing a 10-week outflow streak. Research firm K33 predicts that spot Ethereum ETFs could potentially attract approximately $4 billion in inflows within the first five months of their launch, potentially boosting Ethereum's price and helping it outperform Bitcoin.