PANews reported on March 19 that according to Decrypt, Standard Chartered Bank analysts believe that the cryptocurrency exchange Coinbase "actively sold" 12,652 Ethereum (about $37 million) in Q4 2024. Analysts explained that Coinbase's Layer-2 network Base has driven the demand for Ethereum, but its profit-taking behavior is affecting the price trend of the underlying blockchain (ETH). Standard Chartered Bank has recently lowered its 2025 Ethereum price target from $10,000 to $4,000 due to the large-scale sale of Ethereum from the profits of the Base network. Analysts pointed out that Coinbase did not hold the ETH profits generated by Base, but chose to sell these assets as a normal risk-adjusted decision.
Standard Chartered Bank: Coinbase actively sold $37 million of Ethereum in Q4 2024
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