$300 Million Ethereum ($ETH) Moves to Coinbase… Is This a Sell Signal?

129,392 Ethereum (ETH) were massively transferred to Coinbase ($COIN), heightening tension in the cryptocurrency market. This transaction amounted to approximately $312.98 million (about 435.8 billion won), with the sending wallet being an anonymous address of unknown origin. Notably, this occurred during a period of Ethereum price decline, adding weight to market interpretations.

According to blockchain analysis platform Whale Alert, this large-scale transaction could potentially be a fund reallocation by institutional investors. Generally, fund deposits to exchanges are considered a 'selling intention', while withdrawals are typically interpreted as 'holding' or 'buying' signals. Therefore, this transaction is being perceived as a signal that could significantly impact Ethereum's price direction.

Currently, Ethereum is trading at $2,425 (about 3.37 million won), down 3.26% from the previous day, and approximately 4.17% lower on a weekly basis. This coincides with a selling trend across cryptocurrencies and market instability involving liquidations worth $471 million (about 654.7 billion won).

Notably, institutional demand for Ethereum spot ETF has shown a recovery, recording net inflows for six consecutive weeks. According to financial data provider SoSoValue, this could signal a restoration of institutional confidence, though Ethereum's price has dropped over 25% this year.

This underperformance is related to multiple factors, including network profitability not improving as expected after last year's major technical upgrade, and the strong performance of competing platforms like Solana (SOL). Macro uncertainties and interest rate policies are also suppressing investment sentiment.

Meanwhile, Standard Chartered significantly lowered Ethereum's target price in its March report but still analyzed the possibility of a rebound within the year. Whether this large-scale movement leads to actual selling or remains a storage deposit will depend on trading trends in the coming days.

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