A crypto whale has withdrawn $75.8 million USDC from Coinbase institutional and invested a significant amount in Ethereum’s biggest presale, ETFSwap (ETFS).

An anonymous crypto whale reportedly withdrew a whopping $75.8 million in USDC from their Coinbase Institutional account on Friday night. This move follows the bull market widely predicted to happen in the coming weeks. An in-depth investigation into the event reveals that a large chunk of the money was used to acquire ETFSwap (ETFS) tokens in Ethereum’s biggest presale, making waves in the crypto community.

Crypto Whale Withdraws $75.8 Million In USDC From Coinbase Institutional 

Whale Alert, an X (formerly Twitter) account notable for reporting large and exciting transactions in the crypto community, shared the news of a colossal $75.8 million USDC withdrawal from Coinbase institutional to an unknown wallet on Friday night. 

The post that went viral in the crypto community has caught the attention of crypto enthusiasts, garnering several reactions. Some enthusiasts insist that the anonymous whale enacted the move to diversify their portfolios and gain big in the upcoming bull market later this year. Others believe that the whale wants to sell off the majority of their holdings and probably settle some of the debts they accrued. 

However, whichever the case may be, a click on the web link to the eye-catching transaction shows that the anonymous transaction was made from a Coinbase Institutional account to a new project, ETFSwap (ETFS), firmly believed to be Ethereum’s biggest presale.

ETFSwap (ETFS) Becomes Ethereum’s Biggest Presale 

Like the anonymous whale that bought a large amount of the ETFSwap (ETFS) presale tokens, thousands of crypto investors are still flooding into the presale, with over 50 million tokens already sold out in what is now believed to be Ethereum’s biggest pressale. This reiterates the fact that the crypto community believes in the viability and genuineness of the ETFSwap (ETFS) platform. 

ETFSwap (ETFS) is an Ethereum-based decentralized finance (DeFi) platform that enables users and investors to buy, trade efficiently, and own a wide variety of cryptocurrencies and tokenized exchange-traded funds (ETFs) in a one-stop shop. 

This innovative platform has come at a time when the tokenization of Real-World Assets (RWAs) is being embraced in the cryptocurrency world. At the forefront of this niche, ETFSwap (ETFS) users and investors enjoy the benefits provided by the innovation and flexibility of the decentralized finance realm while trading their various assets.

With the market-making and perpetual futures services available on the platform, trading is fun, seamless, liquid, and efficient on ETFSwap (ETFS). Consequently, users and investors are assured of continuous trading activities without any expiration dates. 

Users can also take absolute advantage of the leverage tool on the platform. The ETFSwap (ETFS) platform enables users and investors to amplify their gains with the 10x leverage option provided. This tool is great for seasoned investors who want to maximize their gains by up to 1,000%, meaning a $1,000 gain can easily be turned into a $10,000 gain. 

Another feature that has swept crypto enthusiasts off their feet is that on ETFSwap (ETFS), users and investors are not required to undergo rigorous KYC verification. They are afforded the platform to trade anonymously. This will, in return, absolve them of any third-party interference, such as banks or regulated bodies. 

Additionally, CyberScope, a leading blockchain security provider, has audited ETFSwap’s (ETFS) smart contracts, and the results show their resistance to cyberattacks. 

Whale’s Investment In The ETFSwap (ETFS) Presale Sends Crypto Community Into A Buying Frenzy

After the whale invested a large amount of his withdrawal from Coinbase into the ETFSwap (ETFS) presale, the platform has seen major market activity, with investors actively buying the token. 

Presently, in Stage 1 of the presale, the ETFS token is priced at $0.00854 and is selling fast due to this being the lowest price the token will ever be. Therefore, there is no better time to invest in the highly esteemed ETFSwap (ETFS) project than now, especially after analysts have predicted it will go parabolic when the bull run begins.

For more information about the ETFS Presale:

Visit ETFSwap Presale

Join The ETFSwap Community

Ethereum has put on a disappointing performance for its investors over the last few weeks, leading to concerns on whether the second-largest cryptocurrency by market cap has lost its shine. The cryptocurrency continues to skirt around the $3,100 level, not making any significant breaks upward. This points to weak fundamentals that could trigger a price decline.

Ethereum Fails To Make Meaningful Moves

Markus Thielen, Head of Research at 10x Research, has pointed out some worrying developments with the Ethereum price. In a new report shared with NewsBTC, he explains that despite Ethereum remaining highly correlated to Bitcoin with an R-Square of 95%, it continues to perform poorly while the latter has made new all-time highs.

Thielen points back to ETH’s performance in the last bull market, which was closely tied to new sectors popping out of the network, such as decentralized finance (DeFi) and non-fungible tokens (NFTs). This caused demand to skyrocket, and in turn, the price followed as users gobbled up ETH for the high gas fee required to transact on the blockchain.

However, Ethereum has failed to maintain this momentum, which can be attributed to its inability to bring the upgrades that users needed in time. Thielen explains that the Dencun upgrade which helped solved the high gas fee issues had come three years too late because by 2024 when the upgrade arrived, users had moved on to Layer 2 networks. Also, during this time, other Layer 1 networks have seen a rise in users and Solana is one example of this.

Source: 10x Research

The researcher further explained that the weak fundamentals of ETH are now not only affecting its price but has had a spillover effect to Bitcoin. “Ethereum’s weak fundamentals are becoming a roadblock for Bitcoin as they prevent broad fiat inflow into the crypto ecosystem,” Thielen stated.

Better To Short ETH

Thielen’s analysis of Ethereum also spreads to the drop in stablecoin usage on the network. Back in 2021, Ethereum had dominated stablecoin transactions such as USDT and USDC. However, it seems like, with other things, the high fees have driven users towards other networks. Blockchains such as Tron (TRX) are now dominating stablecoin transactions, leaving ETH in the dust.

Additionally, there is also the fact that ETH’s issuance is turning inflationary once again. After the London Hard Fork, also known as EIP-1559, was completed in 2021, the network saw its issuance turn deflationary for the first time as ETH burned quickly surpassed ETH being brought into circulation.

However, this has now changed in the past months as there have been more ETH issued than those burned, Thielen notes. To put this in perspective, a total of 74,000 ETH were issued compared to only 43,000 ETH burned. This inflation, coupled with the fact that staking rewards have now dropped to 3%, below the 5.1% offered by Treasury Yields, Ethereum has had a hard time maintaining bullish sentiment.

Given these developments, the researcher believes it is better to be bearish on Ethereum right now. “Right now, we would be more comfortable holding a short position in ETH than a long one in BTC as Ethereum’s fundamentals are fragile, which is not yet reflected in ETH prices,” Thielen concludes.

ETH price fails to hold $3,100 | Source: ETHUSD on Tradingview.com

Featured image from Watcher Guru, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

A newly filed class-action complaint alleges that Coinbase violated US securities laws.

The complaint, which was filed in the Northern District of California’s San Francisco division on Friday, claims that the top US crypto exchange has been operating as “part of a shadowy crypto ecosystem operating just outside of the law.”

“Its entire business model has been built upon a lie and a dream: the lie is that ‘we do not sell securities,’ and the dream is that, knowing it would eventually be caught in the lie, ‘it is better to ask for forgiveness than permission.’

Coinbase has knowingly, intentionally, and repeatedly violated state securities laws since it began doing business.”

The complainants accuse the exchange of offering numerous unregistered “digital asset securities,” including the layer-1 blockchain projects Solana (SOL), NEAR Protocol (NEAR), Algorand (ALGO), Stellar (XLM) and Tezos (XTZ); the blockchain scaling solution Polygon (MATIC); the decentralized exchange Uniswap (UNI); and the Ethereum (ETH)-based virtual reality platform Decentraland (MANA).

The U.S. Securities and Exchange Commission (SEC) has also accused Coinbase of violating securities laws, launching a lawsuit against the exchange in June 2023.

Coinbase has argued that trading digital assets doesn’t qualify as an “investment contract” under the Howey Test, an assessment created by the Supreme Court more than 90 years ago to determine whether assets should be classified as securities.

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