A major Ethereum investor has withdrawn 11,370 ETH (approximately $40 million) from Coinbase Prime, signaling potential long-term holding intentions amid growing institutional activity. Such large-scale withdrawals from centralized exchanges typically reduce immediate selling pressure and often reflect accumulating behavior that can drive price appreciation.
Simultaneously, Ethereum’s open interest dominance across exchanges surpassed 40%, reaching its highest level since April 2023. This surge indicates significant capital inflows into ETH derivative markets, with analyst Ali identifying the $4,100 price level as a critical breakout threshold for Ethereum’s next potential upward movement.
The withdrawal specifically targeted Coinbase Prime, which primarily serves institutional clients, underscoring rising professional investor interest in Ethereum. This combination of whale accumulation and heightened derivatives activity strengthens bullish sentiment around ETH’s market outlook.