Coin basea leading cryptocurrency exchange, has just received two significant Ethereum (ETH) transfers, totaling 299,998 ETH, or approximately $486,482,166 USD.
These transactions were reported by Whale Alert, a blockchain monitoring service.
Coinbase was the recipient of two separate transactions, each consisting of 149,999 ETH, bringing the total to 299,998 ETH. The combined value of these transactions is estimated to be approximately $486.5 million USD. The origin of these high-value transfers remains unknown.
Source: whale alert
Both transfers to Coinbase were made within the same minute, indicating a coordinated effort to move a significant amount of Ethereum to the exchange. Transferring such large sums to a crypto exchange often implies increased selling pressure, which could prove bearish for the price of the asset.
Source: whale alert
In a separate transaction, 15,000 ETH worth $24,579,443 was transferred to crypto exchange Gate.io.
Ethereum co-founder Vitalik Buterin has been actively moving and selling assets over the past month, including Ethereum and Maker. As reported by Blockchain.News, he transferred 999 ETH to another address and deposited ETH to Bit stamp. Most recently, he sold 500 Maker (MKR) tokens for 350 ETH, worth approximately $581,000, through the decentralized exchange CoWSwap. This marks his first MKR sale in two years, and the ETH received was transferred to an address prefixed with 0x3f6.
Image source: Shutterstock