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$ETH paymemt

Coinbase, one of the largest cryptocurrency exchanges, reportedly sold 12,652 Ethereum (ETH) in the fourth quarter of 2024, according to Geoffrey Kendrick, head of digital assets research at Standard Chartered. This sale, worth around $25 million at today’s prices, has sparked discussions about whether Coinbase is selling $ETH for strategic gains or simply covering operational expenses. Coinbase’s Buying and Selling Pattern Kendrick analyzed Coinbase’s quarterly reports and found that the exchange holds ETH in different categories, including investment funds and operational reserves. He also noticed a clear pattern: Coinbase tends to buy ETH when prices are low and sell when they rise. For example, in the third quarter of 2024, when ETH was trading around $2,500, Coinbase was a net buyer. But in the fourth quarter, as $ETH climbed to $4,000, the exchange sold more than it bought. Kendrick believes this suggests Coinbase is focused on maximizing profits while managing risk, rather than simply accumulating ETH for the long term. Coinbase Responds to the Claims In response, Coinbase acknowledged selling some ETH but explained that the funds were used for operational costs rather than trading for profit. A company spokesperson said that Base, Coinbase’s Ethereum layer-2 blockchain, earns ETH through sequencer fees. While most of this ETH is kept as a long-term investment, some of it is used to cover expenses such as salaries, acquisitions, taxes, and grants. Coinbase also emphasized that it is not a trading-focused entity. The company pointed out that its ETH investment holdings grew by 20% in 2024, reinforcing its claim that it does not actively trade cryptocurrencies but may lend or stake them when necessary. Ongoing Scrutiny and Market Trends This is not the first time Coinbase has faced scrutiny over its ETH holdings. Just last month, a Base representative dismissed rumors about major ETH sales, stating that Coinbase had accumulated over $300 million in ETH—more than double its earnings from Base. Meanwhile, Ethereum’s price has rebounded, gaining over 7% and crossing the $2,000 mark. However, despite this price increase, the US Ethereum spot ETF market continues to experience outflows. According to data from Farside, Ethereum ETFs saw $11.7 million in outflows yesterday, extending a trend of investors pulling money out. Ethereum ETFs See Heavy Losses Several major Ethereum ETFs reported significant outflows: BlackRock’s ETHA lost $12.9 million Fidelity’s FETH saw $2 million in outflows Grayscale Mini ETH experienced a $7.7 million decline Despite Ethereum’s recent price recovery, the continued outflows from ETFs suggest that investor sentiment remains cautious. The bigger question is whether Coinbase’s ETH strategy will continue to raise concerns or if its growing long-term holdings will reassure the market.

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