Massive 300,000 Ethereum Transfer Stuns Major US Exchange

As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find these recent developments particularly intriguing. The massive transfer of Ethereum to Coinbase by two anonymous whales, coupled with the subsequent price increase and subsequent dip, presents a fascinating puzzle that demands further investigation.


Notable blockchain watchdog, Whale Alert, has spotted two significant portions of Ethereum being moved towards U.S. crypto exchange platform Coinbase, known for public trades.

The transactions occurred one after another, as the price of Ethereum climbed by 3% during the previous day.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 150,000 #ETH (395,363,754 USD) transferred from unknown wallet to #Coinbaseβ€” Whale Alert (@whale_alert) August 23, 2024

300,000 ETH on move to Coinbase

As per the stated data source, two unidentified blockchain accounts collectively sent 300,000 Ether to Coinbase exchange. Each of these transactions, amounting to 150,000 Ether each, were equivalent to approximately $395,363,493 at the time they were executed.

Both transfers took place slightly over four hours ago.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 150,000 #ETH (395,363,493 USD) transferred from unknown wallet to #Coinbaseβ€” Whale Alert (@whale_alert) August 23, 2024

A significant number of users expressing their opinions about these massive transactions commented that ‘whales’ might be offloading Ethereum, predicting a potential drop in its price to unprecedented lows in the near future.

Before these transfers, an unidentified whale transferred approximately 19,999 Ether (equivalent to about $52,258,179) to the largest cryptocurrency exchange, Binance.

Ethereum price goes up, whales continue to sell ETH

Over the last 24 hours, the second largest cryptocurrency, Ethereum, staged an impressive rise of 3.25%, surging from the $2,600 zone to $2,690. ETH printed a large green candle on an hourly chart. By now, however, the price has taken a step back, and ETH is changing hands at $2,671.

According to U.Today’s report, a large investor (referred to as a “super diamond hand” whale) sold approximately 15,000 Ether valued at around $40 million on Thursday.

This user bought a staggering 96,639 ETH worth more than $151 million on Coinbase for $1,567 per coin in September 2022. He held that stash until March 2024. After the bull market took off in that month, he sold 55,000 ETH at $3,199 for $176 million and held 41,639 ETH until yesterday. The total profit made by this investor comprised an impressive $132 million.

Previously this week, Ethereum co-founder Vitalik Buterin wrote a post that suggested he’s been encouraged to talk less about philosophy and more about promoting Ethereum. In response, he tweeted an image of a bull on a green hill with a sign reading “Ethereum is good.” This tweet sparked the increase in Ethereum’s price during the latter part of the week.

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2024-08-23 12:34