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Investment management giant Fidelity has triggered possible Ethereum (ETH) sell-off jitters after transferring $54 million worth of the asset to Coinbase. In this transaction, a wallet previously funded by Fidelity Custody moved 10,000 ETH and 4,978 ETH to Coinbase within a five-minute window, according to Arkham Intelligence data provided on August 5. Fidelity Ethereum transfer to Coinbase. Source: Arkham The transfers, valued at approximately $35.77 million and $17.8 million respectively, came just hours after the same wallet received a 6,000 ETH deposit from a Fidelity-linked address. This sequence of events has raised concerns that Fidelity or a related custodian may be preparing to liquidate a significant Ethereum position. Notably, the wallet involved in these transactions has been active over the past month, receiving inflows from major custodians and transferring assets to hot wallets associated with exchanges. The timing and size of the most recent transf...

A crypto trader who bought a new meme coin by the name of Pippin (PIPPIN) was able to turn a $1 million loss into a $2.5 million unrealized profit. On-chain analytics platform Lookonchain said in a Jan. 10 X post that the trader initially made a loss when the meme coin plunged 90%. However, the trader opted to keep his holdings in the crypto instead of panic selling, which paid off in the end. Diamond-Hand Trader Benefits From Pippin Surge The trader bought PIPPIN around 2 months ago, according to Lookonchain, and spent 5,441 SOL, valued at approximately $1.15 million at the time, to purchase 20.46 million PIPPIN coins. Since the steep correction, the meme coin has entered into a rally as traders rushed to buy the crypto. Lookonchain noted that the meme coin’s market cap broke through the $180 million mark. As a result, the trader’s PIPPIN holdings are now valued at around $3.68 million, and the trader has achieved an unrealized gain of more than $2.5 million. The tra...