Address Labeled Coinbase Institutional Moves 23,528 ETH Worth $57.88 Million

An address labeled Coinbase Institutional transferred 23,528 Ether (ETH), worth about $57.88 million, to an unidentified wallet on Oct. 16; U.S. spot Ether ETFs also recorded net outflows that day.

The transfer was recorded at 10:05:35 a.m. ET (14:05:35 UTC). The recipient’s owner and the transfer’s purpose are unknown. The transaction alone does not establish whether the ETH was sold, held or moved for another reason.

U.S. spot Ether ETFs recorded $69.7 million in net outflows on Oct. 16, all from BlackRock’s iShares Ethereum Trust (ETHA), in the Oct. 16 Ether ETF outflow session. The figure describes fund activity but does not identify the investors behind withdrawals or establish a proprietary sale by BlackRock.

Ether is Ethereum’s native asset, and the transfer was recorded on the Ethereum blockchain. The transfer and ETF flow figures measure different activity and do not show that the same investors were involved in both.