Massive 300,000 Ethereum Transfer Stuns Major US Exchange

Prominent blockchain tracker Whale Alert, which monitors large cryptocurrency transfers, has detected two enormous Ethereum chunks making their way to U.S.-based public trading cryptocurrency exchange Coinbase.

These transfers took place consecutively, while the Ethereum price demonstrated a 3% increase over the last 24 hours.

300,000 $ETH on move to Coinbase

According to the aforementioned data source, two anonymous blockchain addresses transferred 300,000 $ETH in total to the Coinbase exchange. Each of these two 150,000 $ETH transfers were evaluated at $395,363,493 at the time they were made.

Both transfers took place slightly over four hours ago.

Many X users shared their takes on these mammoth transfers in the comments, believing that whales are selling $ETH and expecting the Ethereum price to face major new lows soon.

Prior to those transfers, another anonymous whale shoveled a staggering 19,999 $ETH to the world’s largest exchange, Binance. That was the equivalent of $52,258,179.

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.

As reported by U.Today earlier, a “super diamond hand” whale unloaded 15,000 $ETH worth almost $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.

Earlier this week, Ethereum cofounder Vitalik Buterin published an X post, in which he shared that he has received advice to "do less philosophizing and do more ethereum bullposting." Therefore, he issued a tweet with an image of a bull on a hill covered in green grass and wearing a board with the text saying “Ethereum is good.” This provoked the Ethereum price surge in the second half of the week.