tl;dr
A Standard Chartered analyst believes that Coinbase sold 12,652 Ethereum (approximately $37 million) in Q4 2024, impacting Ethereum's price. The analyst claims Coinbase's layer-2 network Base drives Ethereum demand but its profit-taking hurts the blockchain's price action. Despite slashing the 2025 ...
A Standard Chartered analyst believes that Coinbase sold 12,652 Ethereum (approximately $37 million) in Q4 2024, impacting Ethereum's price. The analyst claims Coinbase's layer-2 network Base drives Ethereum demand but its profit-taking hurts the blockchain's price action. Despite slashing the 2025 Ethereum price target, the cryptocurrency's value has risen. The analyst also discusses Coinbase's Ethereum holdings and their impact on the market. Coinbase's spokesperson stated that they primarily hold ETH for long-term investment and operational expenses. The analyst also highlights the negative impact of layer-2 transactions on Ethereum's blockchain. Despite the price target cut, Ethereum's value has increased, and there's optimism about its relative price to Bitcoin.
A Standard Chartered analyst claims that Coinbase proactively sold 12,652 Ethereum in Q4 2024, slashing Ethereum's 2025 price target from $10,000 to $4,000. The analyst argues that Coinbase's layer-2 network Base drives Ethereum demand but profit taking hurts blockchain's price action. A Coinbase spokesperson refutes claims, stating ETH earned from Base is primarily held for long-term investment and operational expenses. The analyst asserts layer-2 network transactions negatively impact Ethereum's GDP, leading to reduced gas fees and increased coin minting. Despite the price target slash, Ethereum is up 5.6% on the day and 4.6% on the week, while Bitcoin has traded mostly flat. Over 70% of users on decentralized prediction market MYRIAD believe Ethereum's relative price to Bitcoin will be above $0.023 by the end of the week.
An analyst from multinational bank Standard Chartered believes that crypto exchange Coinbase “proactively sold” 12,652 Ethereum (approximately $37 million) throughout Q4 2024. They explained that Coinbase’s layer-2 network Base drives demand for Ethereum but the company’s profit taking is hurting the underlying blockchain’s price action. Standard Chartered slashed its 2025 price target for Ethereum from $10,000 to $4,000 earlier this week. At the time, Geoff Kendrick, Global Head of Digital Assets Research at the bank, claimed that layer-2 network Base had removed $50 billion from ETH’s market cap. Despite Standard Chartered’s target price for Ethereum being slashed, the cryptocurrency is up 5.6% on the day and 4.6% on the week, per data from CoinGecko, while Bitcoin has traded mostly flat during the same time. As a result, over 70% of users on decentralized prediction market MYRIAD believe that Ethereum’s relative price to Bitcoin will be above $0.023 by the end of the week.