Ethereum Whale Moves $41.93 Million to Coinbase After 3 Years

An anonymous Ethereum wallet from 2016 transferred 14,183 ETH, valued at $41.93 million, to Coinbase, marking its first significant deposit since February 2022.

This substantial Ethereum transfer could potentially affect market liquidity, given its scale and the presence of the asset on a prominent exchange, yet no immediate impacts have been reported.

Ethereum Whale Deposits $41.93 Million on Coinbase

On-chain analyst Aiye reported a substantial Ethereum deposit involving 14,183 ETH moving to Coinbase. The transaction marks the first instance in three years for this address depositing more than $1 million. Support from Arkham Intelligence identifies the address’s 2016 origins.

The significant ETH inflow has raised questions about market impacts and potential liquidity changes at the exchange.

ETH Price and Market Dynamics Following the Whale’s Move

Did you know? The last substantial activity from this Ethereum address occurred on February 11, 2022, with an average withdrawal price of $1,236.65 per ETH.

Ethereum (ETH) currently trades at $3,027.40 as per CoinMarketCap, with a market cap of $365.39 billion, holding a 12% market dominance. The asset experienced a -10.43% shift over the past week, despite a 0.91% rise in the last 24 hours. The trading volume surged by 18.04%, suggesting heightened market activity.

Coincu’s research team highlights that while the Ethereum network transacts consistently, the outcomes of significant movements, such as the recent whale deposit, may affect liquidity dynamics or spur temporary price fluctuations. Historical analyses suggest such transactions often lead to increased speculative activity.