- The American multinational crypto trading giant, Coinbase Global Inc., experienced an unusual Bitcoin outflow that sparked discussions in the crypto community.
- CryptoQuant Analyst noted that significant amounts of Bitcoin, including 866 Bitcoin units or more, moved to new addresses.
- Bitcoin whales are currently showing strong activity, and the observed on-chain activity is evidence of this.
Based on the recent movements on the Coinbase exchange, the amount of Bitcoin outflows is catching attention: Current BTC on-chain data!
Massive Bitcoin Movement on Coinbase Exchange
The American multinational crypto trading giant, Coinbase Global Inc., experienced an unusual Bitcoin outflow that sparked discussions in the crypto community. According to data shared by Julio Moreno, the Head of Research at the crypto analysis platform CryptoQuant, a total of 18,746 Bitcoins were withdrawn from the trading platform.
This amount is valued at $971,781,017.48 according to current market data. An interesting trend in this transaction is that the 18,746 BTC units were moved in the same block with 2 transactions. There are various interpretations for this movement, as it could indicate a whale securely transporting assets. The CryptoQuant Analyst noted that significant amounts of Bitcoin, including 866 Bitcoin units or more, moved to new addresses.
This substantial transaction is considered the largest hourly Bitcoin outflow recorded since the beginning of this year, and another explanation could be that the wallet carrying BTC is simply reorganizing its internal wallet. According to Moreno’s observation, most Bitcoin transfers had been inactive on the chain since at least December 2018.
Large Bitcoin outflows and transfers between wallets, especially with the emergence of spot Bitcoin Exchange Traded Fund (ETF) products and the involvement of institutional investors in the United States, are noteworthy in the digital currency ecosystem.
Bitcoin Whales Formulating Strategies Anew
Bitcoin whales are currently showing strong activity, and the observed on-chain activity is evidence of this. According to IntoTheBlock data, the total whale transaction volume in the last 24 hours increased by 4.38% to reach $28.72 billion. According to the data analytics platform, these large transactions are those exceeding $100,000.
This increase is an indication that more institutional investors are entering the Bitcoin world, and the inflow of over $2.45 billion recorded last week is another significant proof of this. As of the time of writing, the price of Bitcoin is $51,830, having increased by 1.2% in the last 24 hours. The noticeable positive trend in Bitcoin outflows could trigger further long-term price increases.
