Record Ethereum Withdrawals From Coinbase - What Does It Mean?

On June 12, Coinbase recorded massive Ethereum outflows of over 300,000 ETH.

Over 336,000 ETH have been withdrawn from Coinbase, one of the largest outflows of ETH for the entire year according to CryptoQuant data. The event was valued at over $1 billion and became the fifth of the year in which more than 150,000 ETH were withdrawn from the exchange.

Although the rationale behind these withdrawals is not clearly outlined, whales or institutional investors are likely to be the main reason for them. If this is the case, it suggests a bullish long-term outlook for ETH.

According to a point from CryptoQuant, they stopped the same activity as Bitcoin used in the spot ETF on the last trading day site, and the core was at a level before this rally started. The recent withdrawal of $1 billion coincided with the approval of the spot ETH ETF, indicating that this could be a possible market rally due to reduced supply on exchanges.

At the time of writing, Ethereum is trading at $3,630 after a 3% gain in the last 24 hours, and its market capitalization has risen to $437.54 billion.

However, Coinglass data showed a 1.67% drop in open interest in ETH futures to $15.86 billion and a 1,80% decrease in derivatives volume to $25.58 billion.