Coinbase News: Coinbase Sells Significant Amount of ETH in Q4

A recent revelation by Standard Chartered Bank’s global head of digital assets research has shed light on Coinbase’s trading activities in the fourth quarter of the previous year.

Coinbase Sold 12,652 ETH in Q4, Standard Chartered Reveals

Coinbase (COIN) sold 12,652 ether (ETH) in the fourth quarter, worth approximately $25 million at the current price but valued at double that level at the time, according to Geoffrey Kendrick, the global head of digital assets research at Standard Chartered Bank. Kendrick analyzed the crypto exchange’s quarterly filings and noted that the timing of the company’s trades aligned with price movements. Coinbase net bought ETH in the third quarter when it was trading at around $2,500 and net sold in the fourth when it reached $4,000. Currently, ETH is trading at about $2,000. Kendrick also estimated that about 80% of revenue generated by Base, Coinbase’s Ethereum layer-2 blockchain, is profit.

Coinbase Stakes Claim as Ethereum’s Largest Independent Node Operator

Coinbase has emerged as the largest single-node operator supporting staking activities on the Ethereum network. According to its maiden Validator Performance report, the US-based exchange has staked 3.84 million ETH through 120,000 validators, accounting for 11.42% of the total staked ETH. Additionally, Coinbase has staked an extra 581,500 ETH through partners, solidifying its lead among centralized competitors like Binance and Kraken. This rapid expansion comes despite previous legal challenges from the US Securities and Exchange Commission (SEC).