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The native asset of the largest smart contract platform Ethereum, Ether (ETH), saw its price shaken today by a transaction that resulted in a drop in the price of the altcoin king. According to closely followed on-chain data in the crypto world, Paradigm, known for its investments in many crypto companies, was seen transferring a substantial amount of ETH to the US-based leading cryptocurrency exchange Coinbase.
Paradigm Deposits 6,500 ETH to Coinbase
According to on-chain data provider Lookonchain, Paradigm today deposited 6,500 ETH worth $14.67 million to the US-based cryptocurrency exchange Coinbase. The data suggests that Paradigm collected these ETH at quite low price levels.
At this point, it should be noted that Paradigm collected the ETH transferred to Coinbase when the price was below $500. With ETH currently trading above $2,200, this indicates that Paradigm has made a significant profit, more than four times the purchase price.
Looking at past market data, Paradigm’s tendency as a “smart investor” to buy large amounts of ETH during market downturns and sell them when the market rises increases the significance of this transaction. This tendency makes the transfer of 6,500 ETH to Coinbase even more noteworthy and has led to speculation that the cryptocurrency market may be on the brink of a downturn.
Current Ethereum Price Situation
At the time of writing this article, Ethereum’s price has seen a decrease of 1.08% in the last 24 hours, trading at $2,237. Over the weekly timeframe, the price of the altcoin king has dropped by 2.20%, and by 1.75% over the monthly timeframe.
ETH, which traded in the green for a short period of the day, managed to attract the attention of crypto traders and investors. Following this surge in interest, the altcoin switched to trading in the red after Paradigm’s transaction of 6,500 ETH.
