On-chain data showed influential blockchain investment firm Paradigm deposited 6,500 ETH valued at $14.67 million to oinbase">Coinbase exchange on January 6th. The transferred Ethereum stash was accumulated when prices remained below $500.
With Ethereum">Ethereum hovering near $2,200 currently, it appears Paradigm took profits on those coins amidst more positive sentiment. Intriguingly, Ethereum’s price had turned positive early in the day before quickly slipping back into negative territory around when Paradigm initiated the transfer.
Past activity shows Paradigm tends to accumulate Ethereum during bearish conditions and sells into strength, mirroring smart money behavior. The sizable transfer may have contributed to Ethereum’s brief upside quickly stalling out.
While disappointing for bulls, the move highlights firm believers in Ethereum’s long-term value who are willing to sell at these levels to lock in massive gains. Still, wavering prices combined with Paradigm converting paper profits back into dollars could stall momentum. Ongoing volatility is likely as markets decide Ethereum’s next step after recent gains.
