Rumors about Base selling Ethereum (ETH) from sequencer fees surged on February 10, originating from on-chain data showing large ETH transfers from Base to Coinbase, leading to speculation about potential sell-offs

Quotes that support claims

Santisa supported these claims with Etherscan data showing regular transfers of varying amounts of ether, labeled from the 'Base sequencer' wallet to Coinbase, with the most recent transaction involving 240 ETH

On-chain data showed over $100 million in ETH was moved, but Coinbase’s financial reports reflected only a small portion retained.