The Founder of CryptoQuant, Ki Young Ju, shared a tweet reporting that a whopping 395, 903 ETH left Coinbase on June 9. The analytics platform drew a chart to share its findings. According to CryptoQuant, a large amount of Ethereum was withdrawn as the cryptocurrency’s price continues to trend in the red.
— CryptoQuant.com (@cryptoquant_com) June 9, 2021
Institutional OTC Deals Might Be Fuelling ETH Movement on Coinbase- CryptoQuant
Ki Young Ju opines that the massive shift in ETH is likely driven by institutional OTC deals. He also views the overall development as a bullish sign for the market. But some experts feel that the outflow may indicate a bearish outlook for the virtual currency. Ethereum is trading in the $2,500 range these days, which makes the total withdrawal worth a jaw-dropping $985,410,485.
Bitcoin experts reported similar activities in April and May when whales withdrew massive amounts of the crypto to their cold wallets from Coinbase, which was recently listed on Nasdaq as a publicly traded entity.
Presently, Ethereum’s market cap stands at $292,764,456,172. This figure is almost half of bitcoin’s market value. Experts like Mike McGlone, senior commodity strategist at Bloomberg, believe that ETH is set to surpass Bitcoin. In his latest report, McGlone explained that the currency’s volume is “a leading indicator for advancing Ethereum.”
Whales Transfer Nearly $2 Billion to Unknown Wallets
Meanwhile, crypto tracker Whale Alert reported that anonymous whales were making splashes that were felt across the market. The crypto tracker revealed that anonymous whales had moved an astonishing 789,052 ETH. The total Ethereum shifted during this transaction amounts to $1.98 billion. The transaction was carried out in a series of four installments, each estimated to be slightly above 197,000 ETH.
Earlier in May, Ethereum HODLers were seen celebrating when the currency soared above $4000. However, many of them are now caught in the stumbling crypto market, where the future of ETH prices remains uncertain.