Asset management giant Fidelity has transferred a large amount of Ethereum to Coinbase in a short period, sparking speculation about a sell-off.
Multiple transactions were observed, with Cumberland, the liquidity provider for Fidelity’s Ether spot ETF product, playing a key role in the transfer.
The total amount of Ethereum shifted by Cumberland to Coinbase was approximately 65 million ETH over 34 hours. Commencing the transfer on January 8, Cumberland moved 20,000 ETH ($66.62 million) to begin with.
Later on, the wallet tagged “Cumberland DRW” with the address “0x8BB85” moved another 11,250 ETH ($36.94 million) to a Coinbase address. Finally, the market maker completed the Ether shift with 22,500 ETH ($73 million) moved over two transactions by 19:35 (UTC).
At the time of writing, the address still holds 1,474 ETH ($4.8 million). Notably, the Ethereum Foundation has also participated in the sell-offs.
According to data from Arkham, the organization sold 100 ETH on Wednesday through the CoW Protocol when Ethereum was trading at $3,363 per coin. In return, the address received $336,300 DAI, which was then transferred to another wallet linked to the Foundation.
These sells have raised concerns about a further downward spiral in the market, especially considering the impact on expectations of a near-term rebound amid macroeconomic headwinds.
However, it’s worth noting that Fidelity has remained bullish on Ethereum, highlighting the altcoin king’s growth in its 2025 outlook. Titled “2025 Look Ahead,” the report focuses on the growth of Bitcoin and Ethereum over the next three years.
