Ancient Whale Sends Millions in ETH to Coinbase – Sell-off Coming?

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As a researcher with several years of experience in the cryptocurrency market, I find this trend of large Ethereum transactions to major exchanges like Coinbase intriguing. The recent activity of an ancient Ethereum wallet that bought ETH eight years ago and is now selling it for a massive profit raises some concerns about an approaching sell-off.

Based on information shared by the @OnchainDataNer analytics account, an old Ethereum wallet has carried out a significant crypto transfer, shifting large quantities of ETH to the leading US cryptocurrency exchange, Coinbase.

This transaction, like other significant Ethereum transfers to major exchanges, could potentially signal an upcoming sell-off.

Old whale sends ETH to Coinbase along with other whales

A previous tweet mentioned that a significant investor in cryptocurrencies, who had created their digital wallet back in 2016, recently carried out a substantial transaction on the American cryptocurrency exchange, Coinbase – currently the sole publicly traded platform in the United States.

A large whale purchased 12,427 units of Ethereum (ETH) on the Poloniex exchange, spending an average price of just under $11 per token. Now, this investor intends to sell 4,153 ETH at a rate of $2,984 per coin – representing an astonishing increase of approximately 27,027.27%. The value of the Ethereum transferred to Coinbase now exceeds $12 million in traditional currency.

As an analyst looking back over the data, I’d say that eight years ago, a whale with the Ethereum address 0x2cE bought 12,427 Ethereum tokens (worth approximately $12.17 million today) from Poloniex at an average entry price of $11 per token. More recently, within the last three hours, this same whale transferred 4,153 Ethereum tokens (equivalent to around $12.17 million) to Coinbase.

— The Data Nerd (@OnchainDataNerd) May 13, 2024

I recently noticed that an old crypto whale transferred 614 ETH to Kraken a few hours ago. Back in the day, five years ago to be exact, I purchased this ETH at an average price of $195. Now, the ETH I moved to the exchange is valued at a hefty $1.79 million. Remarkably, I still hold 1,329 ETH, which amounts to nearly $4 million in my digital wallet.

More whales sending ETH to exchanges now

As an analyst, I’ve noticed some significant Ethereum transfers to Coinbase based on data from Whale Alert, a well-known cryptocurrency tracking platform. In the past 24 hours, three anonymous transactions with substantial Ethereum quantities have been identified, all of which were sent to Coinbase.

🚨 🚨 🚨 🚨 30,020 #ETH (86,959,077 USD) transferred from unknown wallet to Coinbase Institutional— Whale Alert (@whale_alert) May 13, 2024

Three distinct, unidentified whales transferred a total of 30,020 ETH to this centralized cryptocurrency exchange. The first transaction involved 11,192 ETH going to Coinbase Institutional. The values of these Ethereum amounts were assessed at approximately $86.96 million, $32.27 million, and $32.68 million respectively.

Satoshi-era Bitcoin wallets awakening

The source, Whale Alert, recently identified two ancient Bitcoin wallets that have become active again after a long slumber. These wallets had last seen transaction activity around eleven years ago, in 2013 – a time when Satoshi Nakamotos, the enigmatic creator of Bitcoin, vanished from public view. Prior to his departure, he had entrusted the cryptocurrency to dedicated developers.

In simple terms, every wallet held 500 Bitcoins with a total value of approximately $30.5 million and $30.49 million respectively. The potential profit for these large investors has grown dramatically by over 49,000 percent.

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2024-05-13 13:08