Coinbase custody wallet moving tokens

Coinbase custody wallet moving tokens

The current bull market sentiment has been fueled further by the activity of a new wallet. As per EtherScan data, the wallet withdrew 1.23 billion ENA worth $567M from Coinbase Prime custody.

With only two deposits, the 10 ENA transfer was used as a test transaction. The wallet became the fourth-largest ENA holder, owning about 8.21% of the total supply.

The transfer suggested silent positioning similar to the one in April and May dips. What followed was a rally that led to the current breakout. The withdrawal hinted that the current rally is yet to be over.

However, a derivative whale was going short on a couple of tokens, with his ENA order having a 5X leverage similar to that of Litecoin [LTC].

The total whale deposit into Hyperliquid stood at $7.51 million, as per OnChain Lens.