Who Could Be Behind Such Large-Scale Transactions?
As of 06:00 AM local time on August 23, 2024, a massive outflow of 681,318 Ethereum was observed from the Coinbase exchange.
This stands out as the largest movement of 2024. In terms of net flow, a total of 296,355 Ethereum, worth approximately $781 million, exited the exchange during the same time frame.
Is There a Connection to Spot Ethereum ETFs?
Upon examining data related to Spot Ether ETFs, there is currently no evidence of demand significant enough to explain such a large outflow. However, with Ether’s MVRV score hovering at 1.32, in relatively cool zones, I believe that some institutional investors anticipating a price increase might be involved in these purchases.
✅ Conclusion
Coinbase has just seen the largest Ethereum outflow of 2024.
It’s highly unlikely that this $781 million move originated from individual investors. The outflow is more likely to have been made by large institutional investors or whales who have a positive outlook on Ethereum’s future performance.
Note
I have not yet confirmed whether this outflow is an internal transfer. I will provide an update once more information is available.
Thank you for reading 🙏
Written by burakkesmeci