A massive Ethereum (ETH) transaction has recently caught the attention of the crypto community. According to blockchain data tracker Whale Alert, 129,392 ETH worth $312,981,377 was transferred from an unknown wallet to the major crypto exchange Coinbase.
The timing of the transfer is especially noteworthy, with Ethereum’s price trading in the red. Deposits to exchanges imply an intent to sell, while withdrawals might signify buying. The move might be an institution reshuffling funds, with the exact reason for the move and the identity of the sending wallet unknown.
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In this light, the market is watching closely to see if the ETH is sold off, held in reserve, or reallocated. At the time of writing, Ethereum is trading lower, mirroring a broader sell-off in the crypto market that has resulted in $471 million in liquidations.
ETH price in red despite ETF inflows
Ethereum ETFs showed little demand in their first year, but trends have since improved thanks to renewed institutional interest. According to SoSoValue, funds tracking the price of spot ETH are on course for their sixth consecutive week of inflows and eighth positive week in the last nine.
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Despite the uptick in inflows, the price of Ethereum is negative this month and unchanged over the previous month.
For the year, Ethereum is down 25%, owing in part to uncertainty about Ethereum’s value proposition, lower revenue since its last major technical upgrade and increasing competition from Solana. The recent market volatility, fueled by macroeconomic uncertainty, hasn’t helped either.
In March, Standard Chartered cut its Ethereum price target by more than half. However, the firm also stated that the coin might still see a recovery this year. At the time of writing, ETH was down 3.26% in the last 24 hours to $2,425 and down 4.17% weekly.