Coinbase saw its largest Ethereum outflow of the year, with more than 336,000 ETH worth more than $1 billion on June 12. This is the fifth withdrawal of more than 150,000 ETH from a cryptocurrency exchange in a single day in 2024. It is not clear who made such a large-scale transfer of funds. According to CryptoQuant's latest findings, these transactions range in size from $400 million to $1.10 billion, suggesting that they are unlikely to be driven by individual investors. Instead, the actions may be orchestrated by whales or unidentified institutions. If these withdrawals are not changes within the exchange, it could signal a very positive long-term outlook for the world's largest counterfeit products. CryptoQuant analysts also pointed to similar activity on Coinbase before the spot Bitcoin ETF started trading. As a result, withdrawals worth $1.17 billion on June 12, 2024 could be influenced by whales or institutions, who expect ETH prices to rise with the launch of the spot Ethereum ETF.