Large Amount of Ether Withdrawal From Coinbase Faces Speculation: Potential Bullish Indicator?
In a recent tweet, Arkham asked, "Have whales started coming for ETH?" The question has gained traction following a significant event on Coinbase Prime on July 29, 2025. A whale, with the Ethereum address 0x98EE942C9b811Bf1564C542aF3BB8BD0Bd1BE75f, made a purchase of 11,370 ETH, worth approximately $40 million at the time.
This transaction has added to the speculation of rising whale demand for Ethereum. The whale's purchase has depleted Coinbase's ETH reserves to around 4.8 million ETH, near all-time lows, reflecting intense spot buying interest.
The whale's transaction resulted in a profit of over $400,000 within an hour, as Ethereum's price surged following the purchase. In fact, Ethereum's price surged nearly 50% in July, rising from roughly $2,500 to over $3,800. This surge was accompanied by whale purchases of over 220,000 ETH worth about $840 million within 48 hours near the end of July.
The increased demand for Ethereum, driven by whales and institutional investors, has expanded Ethereum's derivatives open interest alongside spot buying, reinforcing market momentum. Ethereum's open interest dominance has increased to above 40%, its highest level since April 2023.
Analyst reports highlight growing institutional confidence in Ethereum, illustrated by rising whale accumulation and spot ETF inflows. This growing institutional interest suggests that these large purchases contribute to open interest dominance and the signal for future price appreciation.
Traders are eying a breakout for Ethereum to reach $4000, with crypto analyst Ali suggesting that the real breakout begins above $4100. The shift in speculative focus represents capital shifting from Bitcoin to Ethereum on the margin, indicating a strong bull run for Ethereum.
Coinbase Prime caters to institutional clients, suggesting that major investors might be making strategic moves into Ethereum. The large withdrawal from Coinbase could indicate institutional interest in Ethereum, further supporting the theory of a shift in focus from Bitcoin to Ethereum.
In summary, large whale purchases from Coinbase in July 2025 have stimulated strong upward pressure on Ethereum’s spot price, sustained a pronounced Coinbase premium, and supported a growing open interest in ETH derivatives, all indicative of Ethereum’s strengthening market position and potential for further price increases. Ethereum was recently trading at $3836, with many traders anticipating a breakout to $4000 and beyond.
- The question of whether whales have started targeting Ethereum gained traction after a significant event on Coinbase Prime on July 29, 2025, where a whale purchased 11,370 ETH, worth approximately $40 million.
- The whale's purchase on Coinbase depleted the exchange's ETH reserves to around 4.8 million ETH, close to all-time lows, demonstrating intense spot buying interest.
- The increase in whale demand for Ethereum, along with institutional investor participation, has boosted Ethereum's derivatives open interest, reinforcing market momentum.
- Analyst reports show growing institutional confidence in Ethereum, as indicated by rising whale accumulation and spot ETF inflows, suggesting that these large purchases contribute to open interest dominance and the signal for future price appreciation.
- Traders are optimistic about Ethereum, predicting a breakout to reach $4000, with crypto analyst Ali suggesting that the real breakout begins above $4100, indicating a strong bull run for Ethereum.
