Yesterday, ETH worth over 1 billion dollars flowed out from Coinbase

Coinbase experienced the largest Ethereum outflow this year, with a total of over 336,000 ETH flowing out on June 12th, valued at more than $1 billion. This is the fifth time in 2024 that more than 150,000 ETH has been withdrawn from cryptocurrency exchanges in a single day. It's currently unclear who is behind such large-scale fund transfers. According to CryptoQuant's latest findings, these transactions range between $400 million and $1.1 billion, suggesting they are unlikely to be driven by individual investors. Instead, these actions may have been carefully orchestrated by whales or unidentified institutions. If these withdrawals are not internal changes within the exchange, it could indicate a very optimistic long-term outlook for the world's largest altcoin. CryptoQuant analysts also pointed out similar activities on Coinbase before spot Bitcoin ETFs began trading. Therefore, the withdrawal worth $1.17 billion on June 12th ,2024 might be influenced by whales or institutions who anticipate an increase in ETH prices with the launch of spot Ethereum ETFs.