Today, CryptoQuant has reported that over 53,000 ETH has been transferred into the Coinbase cold storage address. The reported 44,000 ETH transfer from Coinbase’s cbETH deposit address to Coinbase 10 could possibly be due to users temporarily withdrawing their ETH from staking in anticipation of the upcoming Merge on Ethereum.
On the other hand, it is also possible that the influx of ETH is due to institutional investors searching for a secure storage method for their newly purchased ETH. As one of the most popular exchanges amongst institutional investors, Coinbase offers a safe and secure method of storing an asset like ETH.
The Ethereum network is set to experience several positive changes with the upcoming Merge, which could potentially make the network more attractive to users and developers. This upcoming Merge is seen as a vote of confidence for the Ethereum project, especially with the influx of ETH into Coinbase’s cold storage address. This suggests that many investors believe that ETH has significant potential and will continue to grow in value.
Jayden Bennet
- 2023-05-15
Influx of ETH into Coinbase Cold Storage
CryptoQuant has reported that over 53,000 ETH has been transferred into the Coinbase cold storage address. The Ethereum network is set to experience several positive changes with the upcoming Merge, which could potentially make the network more attractive to users and developers.
