A long-term Ethereum investor, known by the wallet address 0x2ce, recently made a significant transfer of Ethereum (ETH) to Coinbase. The transfer involved 4,153 ETH, valued at approximately .17 million based on the current exchange rate of ,931 per ETH.
The investor initially sent the funds to an intermediary wallet, 0x1d9, before the final transfer to Coinbase. This movement to a centralized exchange like Coinbase typically indicates a plan to sell, as opposed to transferring funds to self-custody wallets, which suggests an intention to hold.
According to on-chain analysis platform Spot On Chain, the investor has made substantial profits. The investor originally acquired 12,423 ETH from Poloniex at an average cost of .03 per ETH, totaling around 7,000 between July 26 and August 8, 2016. Since then, the investor has deposited 9,436 ETH to exchanges like Coinbase and Luno at an average price of ,245, amounting to approximately .2 million. The investor still holds 2,566 ETH in a sub-wallet, 0x2e3, valued at around .48 million.
This transfer is part of a broader trend observed among Ethereum long-term holders, with data from Glassnode showing a decrease in the total supply of ETH that had not been moved for five to seven years. The total supply has decreased by over 15%, from 11.6 million ETH tokens in late February to the current 9.8 million ETH.
Despite the trend of large-scale disposals, experts remain optimistic about Ethereum’s market outlook. Hitesh Malviya, the founder of on-chain analysis platform DYOR, believes that ETH is close to finding a bottom. Positive signals, such as the bullish fair price model on DYOR, a 16.91% increase in the TVL to market cap ratio in the last 30 days, and a rise in average on-chain demand, are contributing to this optimism.
