Whales Spotted: $75 Million in Ethereum Transferred to Coinbase Institutional from Unknown Wallet

By Ben Knight May 01, 2024 In Bitcoin, ETF, Ethereum, Investing
Biggest Ethereum whale, eth whale.
  • An anonymous big-money trader has moved over USD $75M worth of ETH into a Coinbase institutional account.
  • The transaction comes just weeks after several multi-million dollar transactions involving Bitcoin were also settled.
  • Interestingly, Ethereum has struggled as of late, fuelling speculation as to why the whale decided to move such a large chunk of their holdings.

It might not quite be whale season in Australia’s oceans, but it appears like one anonymous crypto trader didn’t get the memo. Several big-time traders have turned their attention to Bitcoin over the past month, thanks to the influential halving event paired with a slump in price providing an attractive entry point. However, this time around it was the king of DeFi, Ethereum, that became home to a fishy mammalian friend.

Related: Whale Moves $363 Million in Bitcoin as BTC Struggles to Keep Above $64K

Speculation Ramps Up Even as ETF Prospects Look Dire

Earlier this morning, the Whale Alert X account was triggered by a massive USD $75M (AUD $115M) transfer of 25,060 ETH from an anonymous wallet to a Coinbase Institutional account.

The gigantic transaction came on the back of Ethereum’s worst 24hr performance in recent times, with the coin falling to under USD $3,000 (AUD $4,635) amid 6% losses.

Ethereum (ETH), weekly graph, source: CoinMarketCap

The rationale for the whale’s emergence from the ocean is a bit of a mystery for now. Usually, a pod of high-volume investors moving tokens tends to indicate shifting sentiment, or preparation for an event. The simplest answer may be the investor wanted to take profits following Ethereum’s decline over the past fortnight and plan to consolidate their portfolio via the Coinbase Exchange. 

There’s a distinct possibility that the whale is attempting to lessen their exposure to Ethereum given the increasing likelihood that Mr Burns…sorry…Gary Gensler and co reject Ether ETF proposals later this month.

On the flipside, the move may not be as despairing as it appears on face value. The Hong Kong government has completely shifted its position on crypto over the past few months, attempting to draw investor interest as an APAC hub for digital assets. Part of this move has involved the approval of spot Bitcoin ETFs – but more interestingly – spot Ethereum ETFs too. As one of the few major economic nations to support ETH-based funds, the whale may be speculating a boom similar to what Bitcoin experienced earlier in the year.

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If you pay close enough attention, you can see whales breaching in the crypto markets all the time – and often for reasons unknown. At the end of the day, all we can do is speculate on what the whales themselves are speculating on because we are just spectacular spectators…


Ben Knight

Ben Knight

Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.

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