Recently a large movement of BTC was seen moving from exchanges, according to “Whale Alert“, a Twitter page that specializes in capturing large “whale” movements in cryptocurrency.
In total, around 32.813 BTC were moved in three separate transactions that occurred in a timeframe of less than half an hour. The first transaction moved 12.909 BTC, followed by a 9.905 BTC transfer, and finally, 9.999 BTC was moved in the third and final transaction, adding up to over $630 million in total.
Later in the day, another company specialized in tracking Bitcoin estimated that whales actually moved over 48k BTC in a 24-hour period.
According to on-chain data collected by blockchain analytics firm CryptoQuant, 48,000 BTC worth $940,032,000 departed the Coinbase Pro network early Tuesday.
According to CryptoQuant, much of the BTC transferred was old coins, some of which had been idle for up to five years. The analytics company states that the vast majority of this large BTC movement comes from the cryptocurrency exchange “Coinbase”.
According to CryptoQuant, more study is needed to ascertain the exact nature of the transfer and whether it was an exchange shifting its money around or a clean outflow to cold storage by a significant participant.
Following the large transaction of 8,000 BTC was placed onto Coinbase in increments of 122 coins each. The company teases the possibility that institutions are behind the whale transfer.
This set of transactions has similarities. Apart from occurring on the same day – all transfers had many origins and destinations, implying that bitcoin originated or was spread over multiple addresses rather than being concentrated in just one.
The origin and destination addresses of those involved in these transactions are unknown. As a result, no one knows if bitcoin has a common owner.
What is The Destination of The Transferred BTC?
The destination of the assets transferred this afternoon is also unclear, making it impossible to determine whether the 32 million bitcoins were sent to a correspondent to be sold on the market, or whether the transactions represent a reallocation of funds between bank accounts in the same owner.
Furthermore, the bitcoin price chart showed little volatility during the three transactions, which might be interpreted as a sign that the assets had yet to be liquidated on exchanges.
According to CoinMarketCap, the price of bitcoin fell slightly minutes after the first transaction, from US$ 19.487 to US$ 19.462. However, prices began to rise again after two more transactions were completed at 12:20 and 12:48, with the BTC reaching a high of US$ 19.555 at 13:00.
