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 at around $486.5 million USD. The origin of these high-value transfers remains unknown.
Both transfers to Coinbase were executed within the same minute, indicating a coordinated effort to move a substantial amount of Ethereum into the exchange. Transferring such large amounts to a crypto exchange often implies increased selling pressure, which could be bearish for the asset’s price.
In a separate transaction, 15,000 ETH, amounting to $24,579,443 USD, was transferred to the crypto exchange Gate.io.
Ethereum co-founder Vitalik Buterin has been actively moving and selling assets, including Ethereum and Maker, over the past month. As reported by Blockchain.News, he transferred 999 ETH to a different address and deposited ETH into Bitstamp. Most recently, he sold 500 Maker (MKR) tokens for 350 ETH, valued at around $581,000, via the decentralized exchange CoWSwap. This marks his first MKR sale in two years, and the received ETH was transferred to an address with the prefix 0x3f6.
Image source: Shutterstock