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Popular blockchain tracking platform Whale Alert, which monitors large cryptocurrency movements between crypto exchanges and individuals, has spotted several consecutive transfers, carrying roughly $307 million worth of Bitcoin cumulatively.
These withdrawals were made by anonymous wallets as the price of the world’s largest digital currency rolled back a little, leaving the recently reached $104,000 level behind for the time being.
$307 million in Bitcoin withdrawn from Coinbase
The above-mentioned data source spotted six consecutive transfers that took place several hours ago. Each carries between 493 BTC and 514 BTC worth around $50 million each. This comes to a total amount of 2,988 BTC worth $307.4 million.
This data comes from the Whale Alert website and was not published on its X account. While it may seem that these Bitcoin chunks were withdrawn from the largest U.S. cryptocurrency exchange, Coinbase, by anonymous whales, details of each transaction here shared by Whale Alert suggest that a portion of these transfers went directly to wallets associated with Coinbase. This makes them internal transactions as the platform, perhaps, decided to reshuffle a portion of its Bitcoin holdings.
Coinbase holds tremendous amounts of Bitcoin, not only for its retail customers but also acting as a custodian for many institutional ones. In particular, it holds BTC for spot Bitcoin ETFs run by BlackRock, Fidelity, Bitwise and more.
Over the past day, Bitcoin has shed nearly 2%, descending from $104,017 to the $102,055 price level, where it is changing hands at press time.
Galaxy Digital shovels ETH to Coinbase
Another recently published piece of data related to Coinbase is to do with the second-largest cryptocurrency, Ethereum, and Galaxy Digital, the fund founded and run by renowned investor and crypto supporter Mike Novogratz, a former Goldman Sachs partner.
This data was shared with the crypto community by the Spotonchain analytics account on X. According to the tweet, Galaxy Digital made a significant deposit of 39,834 ETH (worth more than $103.6 million) to Coinbase almost 10 hours ago.
As pointed out in the X post, Galaxy Digital shoveled this $103.6 million worth of Ethereum to Coinbase as ETH dropped by 5.64% over the past day, losing the $2,700 local high and trading at $2,560 at the moment.
Vladislav Sopov
Dan Burgin