Who will be the new captain of the leading altcoin Ethereum ship? 570,000 ETH worth $750 million was moved to Coinbase, one of the largest exchanges.
570k ETH transferred in internal transactions on Coinbase
Cryptoquant CEO Ki-Young Ju shared on Twitter about moving ETH to Coinbase. Ki-Young Ju revealed that the US-based Coinbase crypto exchange has transferred a total of 570,000 ETH from one wallet to many other wallets. However, the details of these transfers are still unclear at the moment. Cryptoquant CEO made the following statement in his post:
Coinbase has sent 570,000 ETH to new wallets. There are no outbound transactions yet, so we’re not sure if these are internal transfers for OTC deals or TXNs to custodial wallets. The first is nothing, the second is bull. We will keep you informed.
@Coinbase sent 570k $ETH to new wallets.
There's no outgoing transaction yet, so not sure whether these are internal transfers or txns to custodian wallets for OTC deals.
The former is nothing but the latter is bullish. Will keep you posted. pic.twitter.com/XCWHITxUag
— Ki Young Ju (@ki_young_ju) July 7, 2022
No outgoing transaction
According to Ki-Young Ju’s details, transfers are just like internal transactions. There is still no outgoing transaction. Normally, outbound transfers are to custodian wallets for OTC sales. OTC sales (or Over-the-Counter sales) are sales initiated by big spenders who want to buy large amounts of crypto directly from the exchange rather than through exchange trading contracts.
Young gave the relevant addresses as follows:
It should be noted that the above listed are only a fraction of the multiple wallets used by Coinbase.
Will these transactions have an impact on the altcoin price?
Now, the point of discussion is whether the transferred assets will be for later sales or internal storage. Speaking about it, Cryptoquant CEO explained that internal transfers are usually just that. Nothing happens because they don’t make any impact on the market. It’s also likely that the exchange is taking measures to split its stash for security reasons.
On the other hand, external transfers to OTC wallets mean that assets are put up for sale. Such a large cache of over half a million cryptocurrencies with high values like ETH will eventually make some waves in the market. Also, according to Young, the stash may be intended to be sold to someone with deep pockets. One such ‘moment’ who can afford to buy $750 million worth of ETH is no small fish in the game. Hence, it will make them a sizable force in the ETH market. Ki-Young Ju said:
Imagine who could buy $750 million worth of ETH at the same time. They are the new captain of the ETH ship.
https://twitter.com/ki_young_ju/status/145196230002737153
Yesterday cryptocoin.com As we reported, 220 thousand ETH flowed to the stock markets in one day. This was the highest ETH stock market entry since August last year.
