These Coinbase Transfers Could Be Bullish For Ethereum

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Fri, 07/08/2022 - 05:42
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According to data posted by CryptoQuant CEO Ki Young Ju, cryptocurrency exchange Coinbase has sent more than 570,000 Ethereum ($634 million) to new wallets.

Image by cryptoquant.com

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 is worth mentioning that these could be internal transfers, which means that they would have no impact on the cryptocurrency market.

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The recent transactions come at a critical time for the cryptocurrency market.

The price of Ethereum spiked to $1,276 earlier today, the highest level since June 26. The cryptocurrency market saw a decent recovery together with U.S. equities. However, it is not clear whether or not this bullish trend is sustainable. 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 has 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 largest cryptocurrency recently surpassed $22,000 level, touching its highest level since mid-June because of the buoyant equities market.