Prominent blockchain tracker Whale Alert, which monitors large cryptocurrency transfers, has detected two enormous Ethereum chunks making their way to U.S.-based public trading cryptocurrency exchange Coinbase.

These transfers took place consecutively, while the Ethereum price demonstrated a 3% increase over the last 24 hours.

300,000 ETH on move to Coinbase

According to the aforementioned data source, two anonymous blockchain addresses transferred 300,000 ETH in total to the Coinbase exchange. Each of these two 150,000 ETH transfers were evaluated at $395,363,493 at the time they were made.

Both transfers took place slightly over four hours ago.

Many X users shared their takes on these mammoth transfers in the comments, believing that whales are selling ETH and expecting the Ethereum price to face major new lows soon.

Prior to those transfers, another anonymous whale shoveled a staggering 19,999 ETH to the world’s largest exchange, Binance. That was the equivalent of $52,258,179.

Ethereum price goes up, whales continue to sell ETH

Over the last 24 hours, the second largest cryptocurrency, Ethereum, staged an impressive rise of 3.25%, surging from the $2,600 zone to $2,690. ETH printed a large green candle on an hourly chart. By now, however, the price has taken a step back, and ETH is changing hands at $2,671.

As reported by U.Today earlier, a “super diamond hand” whale unloaded 15,000 ETH worth almost $40 million on Thursday.

This user bought a staggering 96,639 ETH worth more than $151 million on Coinbase for $1,567 per coin in September 2022. He held that stash until March 2024. After the bull market took off in that month, he sold 55,000 ETH at $3,199 for $176 million and held 41,639 ETH until yesterday. The total profit made by this investor comprised an impressive $132 million.

Earlier this week, Ethereum cofounder Vitalik Buterin published an X post, in which he shared that he has received advice to “do less philosophizing and do more ethereum bullposting.” Therefore, he issued a tweet with an image of a bull on a hill covered in green grass and wearing a board with the text saying “Ethereum is good.” This provoked the Ethereum price surge in the second half of the week.