Ethereum‘s native cryptocurrency, Ether (ETH), experienced a price drop following a significant transaction by investment firm Paradigm, known for its crypto investments. Paradigm transferred a substantial amount of ETH to the U.S.-based cryptocurrency exchange Coinbase, drawing attention from the crypto community.
According to on-chain data provider Lookonchain, Paradigm deposited 6,500 ETH, worth $14.67 million, into Coinbase. The data suggests that Paradigm had acquired these ETH at considerably low prices, indicating a potentially large profit margin given the current market rates.
Paradigm’s acquisition of ETH occurred when prices were below $500, and with ETH now trading above $2,200, the firm has realized a return of over four times its investment. This highlights Paradigm’s smart investment strategy, buying large amounts of ETH during market lows and selling during highs.
The transfer of 6,500 ETH to Coinbase by Paradigm has sparked speculation about a potential market downturn, as the firm has a history of strategically timing its crypto transactions. This move has gained significant attention within the crypto trading community.
At the time of writing, Ethereum’s price has seen a 1.08% decrease over the last 24 hours, trading at $2,237. This decline follows a brief period of positive trading, which was then impacted by Paradigm’s large ETH transaction, leading to a shift in market sentiment.