Massive 129K ETH Transfer to Coinbase Sparks Market Speculation

A massive Ethereum (ETH) transaction has stirred the crypto community after 129,392 ETH—worth approximately $312.9 million—was transferred from an unknown wallet to Coinbase, according to Whale Alert. The timing is raising eyebrows, with ETH trading lower amid broader market sell-offs that have triggered over $470 million in liquidations.

Large transfers to exchanges like Coinbase often signal a potential sell-off, especially during bearish market trends. Although the sender’s identity remains unknown, some speculate the move could be institutional fund reallocation. As of now, ETH is trading at $2,425, down 3.26% in the past 24 hours and 4.17% over the week.

Despite this, Ethereum ETFs are showing signs of recovery. Data from SoSoValue indicates that spot ETH funds are set to mark their sixth consecutive week of inflows and eight positive weeks out of the last nine. However, the price of Ethereum remains down 25% for the year.

Analysts point to several challenges weighing on ETH, including ongoing questions about its value proposition, declining network revenue post-upgrade, and intensifying competition from rivals like Solana. Standard Chartered recently slashed its ETH price target by more than 50% but still sees a potential rebound later this year.

The community is now closely monitoring whether this substantial ETH deposit leads to a major sell-off, remains dormant in reserves, or gets reallocated. While institutional interest in Ethereum appears to be growing, macroeconomic volatility and shifting investor sentiment continue to cloud its near-term outlook.