19,000 ETH Exits Coinbase as New Crypto Whale May Be Entering the Market

In a major move that has gained the attention of the crypto community, 19,037 ETH (worth over $53 million at current prices) has recently exited

A large amount of Ether (ETH) has been withdrawn from Coinbase to a new wallet, sparking speculation about a possible crypto whale entering the market.

According to Whale Alert, 19,037 ETH, valued at $53,538,431 at current prices, was recently transferred from Coinbase to an unknown new wallet.

🚨 🚨 🚨 19,037 #ETH (53,538,431 USD) transferred from #Coinbase to unknown new wallethttps://t.co/ntwfu2ibNY

Typically, withdrawals from exchanges might indicate buying, while deposits could signal selling. Given the large sum involved, this transaction suggests that a whale or major crypto holder may be accumulating ETH. The fact that the receiving wallet is entirely new further suggests the possibility of a new crypto whale entering the market.

The appearance of a potential new crypto whale is not an isolated event. In recent months, Ethereum has attracted increasing institutional interest, with hedge funds and large investors amassing ETH.

Other possibilities include Coinbase reshuffling funds or a crypto whale moving their assets to cold storage for greater control and protection.

Ethereum Price Action

The second-largest coin experienced a slight decline as cryptocurrency markets saw some profit-taking on Wednesday. At the time of writing, ETH had dropped 1.44% over the past 24 hours to trade at $2788, though up from Monday's lows of $2150.

Ethereum fell as much as 27% to $2,135 on Monday, marking its worst intraday drop since May 2021 and leading to liquidations of more than $600 million in perpetual futures markets. The unwinding of leveraged bets on Ethereum made ETH one of the hardest-hit cryptocurrencies in the broader market sell-off, which saw over $2.2 billion in crypto assets liquidated in 24 hours.

As market uncertainty continues, crypto analyst Ali notes that the most crucial support level for Ethereum lies between $2,238 and $2,614, where 12.18 million wallets acquired 63.07 million ETH.