Standard Chartered's analysis reveals that Coinbase sold approximately 12,652 Ethereum, totaling around $37 million, in the fourth quarter of 2024. Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered, pointed out the impact of profit-taking on Ethereum's market price, leading to a revision of the bank's 2025 price target for ETH from $10,000 to $4,000. Kendrick attributes this to Coinbase's practice of selling its Ethereum to repatriate profits from its layer-2 solution, Base, where around 80% of revenues are generated. Despite the lowered target, Ethereum's price was reported to be up 5.6% on the day of the announcement. Kendrick adds that while increased activity on Base boosts demand for Ethereum initially, the subsequent sales by Coinbase could negatively affect the underlying blockchain's fees and overall health.

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