$383 Million in BTC Shifted from Gemini to Coinbase After Bitcoin Reaches $48,000

8,000 Bitcoin have been moved with participation of Gemini, Coinbase and an anonymous wallet

8,000 Bitcoin on the move
Bitcoin tops $48,000 briefly

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Tue, 29/03/2022 - 15:32

$383 Million in BTC Shifted from Gemini to Coinbase After Bitcoin Reaches $48,000

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As reported by Whale Alert crypto tracking website, nearly three hours ago, a comprised 7,000 Bitcoins were shifted in lumps of 1,000 BTC; 1,000 BTC and 6,000 BTC.

An anon crypto address and the wallets of Gemini and Coinbase were involved. The amount of Bitcoin transferred equals $383 million USD. This happened a while after the leading digital currency reached a peak, topping the $48,000 level.

8,000 Bitcoin on the move

Whale Alert has spotted three crypto transfers worth 6,000; 1,000 and 1,000 BTC that took place slightly over three hours ago.

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Two 1,000 BTC lumps were moved from a wallet that was tagged as "unknown" to the Winklevoss-owned Gemini exchange.

Later on, 6,000 Bitcoins worth $286,850,617 were shifted from Gemini to Coinbase. A while after that, the same amount of BTC left Coinbase, going to an anonymous crypto address.

BTC_Gemini_Coinbase_00

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Bitcoin tops $48,000 briefly

On March 28, leading cryptocurrency Bitcoin managed to recapture the $48,000 level for the first time since January this year.

However, by now, Bitcoin has rolled back, landing at the $47,772 line.

As the price grows, Glassnode has reported that the illiquid supply of BTC is spiking as investors are moving Bitcoin to cold wallets and custodial addresses for long-term storage.

#Bitcoin illiquid supply is going parabolic.
Supply shock incoming! pic.twitter.com/rL2Uhzxihh
— Bitcoin Archive ??? (@BTC_Archive) March 29, 2022

#Bitcoin News

About the author

Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.