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In a major move that has gained the attention of the crypto community, 19,037 $ETH (worth over $53 million at current prices) has recently exited major crypto exchange Coinbase to a brand new Ethereum wallet.
According to the blockchain data tracker Whale Alert, "19,037 $ETH worth $53,538,431 transferred from Coinbase to an unknown new wallet."
🚨 🚨 🚨 19,037 #$ETH (53,538,431 USD) transferred from #Coinbase to unknown new wallethttps://t.co/ntwfu2ibNY
— Whale Alert (@whale_alert) February 5, 2025
Bearing in mind that withdrawals from exchanges might reveal buying while deposits refer to selling, a whale or large holder might be accumulating $ETH. The receiving wallet being entirely new adds further speculation that a new crypto whale may be entering the market.
The appearance of a potential new whale is not an isolated incident. Over the past few months, Ethereum has seen increased institutional interest, with hedge funds and large investors accumulating $ETH.
Other scenarios might be likely. The move might be a reshuffling of funds by Coinbase itself; it is also possible that a crypto whale might be moving off their assets to cold storage to seek more control and protection.
Ethereum price action
The second-largest coin fell slightly as the cryptocurrency markets saw profit-taking on Wednesday. At writing time, $ETH had fallen 1.44% in the previous 24 hours to $2788, albeit higher than Monday's lows of $2150.
Ethereum fell as much as 27% to $2,135 on Monday, its worst intraday drop since May 2021, resulting in liquidations of more than $600 million in perpetual futures markets. The unraveling of leveraged bets on Ethereum made $ETH one of the hardest-hit cryptocurrencies in the broader market sell-off, which saw over $2.2 billion in crypto assets liquidated in 24 hours.
As market uncertainty persists, crypto analyst Ali noted that the most important support level for Ethereum is between $2,238 and $2,614, where 12.18 million wallets acquired 63.07 million $ETH.