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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.
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.
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.
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.
Disclaimer: Any financial and market information given on U.Today is written for informational purpose only. Conduct your own research by contacting financial experts before making any investment decisions.
