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UPDATE: Jesse Pollak called criticism of Coinbase over "selling ETH" "wack." He says Coinbase is the largest non-DAT $ETH holder by an order of magnitude.
Coinbase's Jesse Pollak dismissed criticism that Coinbase is selling ETH, saying the company is the largest holder of ETH outside of a digital asset trust, holding far more than any other entity.
Published:
Updated:
What happened
Coinbase's Jesse Pollak dismissed criticism that Coinbase is selling ETH, saying the company is the largest holder of ETH outside of a digital asset trust, holding far more than any other entity.
Confirmed
Global impact / market context
If Coinbase holds large amounts of ETH rather than selling, it may signal confidence in the asset. This could reduce fears of a sell-off, potentially supporting ETH's price and investor trust.
Analyst inference
Cryptocurrency markets often react to major players' holdings and sales. Coinbase's statement may calm investors who worried about downward price pressure from ETH sales, influencing trading decisions.
Analyst inference
What to watch
- Pollak's statement is confirmed: Coinbase is the largest non-DAT ETH holder by an order of magnitude, meaning it holds significantly more than other entities. Confirmed
- Investors could watch for any actual on-chain movements from Coinbase's ETH wallet to verify whether the company changes its holding level, as that would signal a sell. Proposed
- Future ETH price movement may reflect the market's reaction to this news, as investors could adjust their positions based on reduced selling pressure. Analyst inference
Affected assets
- ETH — Ethereum