Close to half a billion USD have been transferred to Coinbase exchange as on-chain transaction volume spikes to highest point since June
nearly half a billion USD has been shoveled to the Coinbase exchange. On-chain data company Arkham Intelligence showed what happened to those hundreds of thousands of Ether later on.300,000 ETH moved to Coinbase from two wallets, is that the sending addresses are cold wallets that belong to Coinbase. The two transfers, carrying 150,000 ETH each, hit a hot wallet of Coinbase and were later on distributed to other, multiple wallets in lumps of 4,282 ETH.
The motive for these transactions has not been explained, but possibly Coinbase was redistributing its ETH supply. Santiment analytics company has also commented on that astounding Ethereum move to Coinbase, saying that these two transfers are among the biggest ones made this year, and this is overall the highest on-chain transaction volume spike since June 13.
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