In a significant transaction, twelve cryptocurrency wallets purchased 156,733 Ethereum from Coinbase (NASDAQ: COIN) valued at approximately $574 million, at an average price of $3,664 per Ethereum. Despite these substantial purchases, Ethereum’s price has declined amid broader market corrections.
According to Spot On Chain data, 11 of the 12 wallets withdrew about 13,059 Ethereum each, with one wallet, 0xdfa, withdrawing 13,084 Ethereum. The supply of Ethereum on exchanges has dropped to its lowest level in seven years, as highlighted by crypto investor Lark Davis.
Furthermore, the U.S. Securities and Exchange Commission (SEC) recently approved Ethereum ETFs, a significant milestone expected to attract substantial investments. Crypto researcher Bobby Banzai predicts monthly inflows of $569 million into these ETFs, based on international ETF performance and futures data from the Chicago Mercantile Exchange.
However, despite these positive developments, Ethereum’s price has dropped by 4.91% in the last 24 hours, currently trading around $3,494.18. Spot On Chain suggests the transactions might be over-the-counter (OTC) deals, which do not immediately impact the market price, predicting a potential 7% correction from the current level.
The broader cryptocurrency market also faced challenges, with Bitcoin down by 3%, BNB by 7%, and Solana by 7%. Ethereum’s next support level could be at $3,302 if the downward trend continues.
