Standard Chartered Bank: Coinbase proactively sells $37 million worth of Ethereum in Q4 2024

According to Decrypt, analysts from Standard Chartered Bank believe that cryptocurrency exchange Coinbase voluntarily sold 12652 Ethereum tokens (approximately $37 million) in Q4 2024. Analysts explain that Coinbase's Layer-2 network Base has driven demand for Ethereum, but its profit taking behavior is affecting the price trend of the underlying blockchain. Standard Chartered Bank has lowered its price target for Ethereum from $10000 to $4000 by 2025, as the profits from the Base network are being sold in large quantities. Analysts pointed out that Coinbase did not hold the ETH profits generated by Base, but chose to sell these assets as a normal risk adjustment decision.