Ethereum Mau Dump, Fidelity Send 64,997 ETH To Coinbase

Ethereum crypto assets occupy second place after Bitcoin. (Photo; Doc. CoinMarketCap)

JAKARTA - Fidelity, a leading US financial institution, recently made a massive transfer of Ethereum (ETH) to Coinbase, sparking fears of potential price drops in the market.

In the past 24 hours, Fidelity through its crypto trading arm, Cumberland, has moved 31,249 ETHs worth about 103.55 million US dollars (Rp1.67 trillion), including 11,250 ETHs transferred in the last 20 minutes worth around 36.9 million US dollars (Rp597.5 billion).

Ethereum's large moves like this, especially by large institutions, are often a signal that there is an intention to sell the asset, which could add to selling pressure at the price of Ethereum.

At the same time, the price of Ethereum is still in the range of 3,245 US dollars (Rp52.5 million), while traders and analysts are looking at on-chain and technical activity patterns that could affect price movements going forward.

According to data compiled, in addition to previous transactions, Fidelity has also just made an additional deposit of 64,997 ETH which is worth around $213 million to Coinbase.

This major move further sparked speculation that there is a possible large number of sales to come, which could affect market dynamics in the next few days.

The increase in the number of institutional deposits on exchanges such as Coinbase often indicates an increase in asset supply that can cause selling pressure. If supply increases while demand is out of balance, prices will likely face further pressure.

In addition, the large movement by this large institution could have a psychological effect on the market, prompting investors with small holdings to sell early, which ultimately exacerbated price pressure on Ethereum.