Coinbase, the largest cryptocurrency exchange, has moved a significant amount of Ethereum to new wallets
According published data by CryptoQuant CEO Ki Young Ju, cryptocurrency exchange Coinbase sent over 570,000 Ethereum ($634 million) to new wallets.
Ju believes that these could be transactions to custodian wallets for over-the-counter deals. In such a case, this will be a bullish development for Ethereum since it suggests that large buyers are entering the market. The analyst suggested that “the new captain of the ETH ship” could be behind the mammoth-sized transaction.
However, it should be mentioned that these could be internal transfers, which means that they would have no impact on the cryptocurrency market.
The Ethereum price hits a two-week high
The recent transactions come at a critical time for the cryptocurrency market.
Ethereum price hit $1,276 earlier today, the highest level since June 26. The cryptocurrency market had a decent recovery with US stocks. However, it is unclear whether this uptrend is sustainable or not. It remains to be seen whether the second largest coin will be able to gain a stable footing above the $1,200 level.
Ethereum recently recorded its worst quarter in history after collapsing to as low as $881 on June 18.
Ju also noted that Coinbase’s Bitcoin price premium is already recovering, which is a positive signal for bulls. As reported by U.Today, the price of the biggest cryptocurrency recently broke above the $22,000 level, reaching its highest level since mid-June on the strength of the equity market.
