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Data shared by the prominent blockchain sleuth Whale Alert, which tracks down large cryptocurrency movements and then shares the details on its website and X account, has detected a large BTC withdrawal from the largest cryptocurrency exchange by volume operating in the USA – Coinbase.
This withdrawal contained almost $60 million USD in Bitcoin equivalent.
$60 million in Bitcoin leave Coinbase
The aforementioned source of on-chain data revealed that roughly two hours ago, an unknown whale withdrew 629 Bitcoins from Coinbase to his wallet. This amount of Bitcoin was valued at $59,303,436 at the time the transaction was made.
This tweet triggered an active discussion in the comments section as crypto enthusiasts began saying that whales have likely begun to accumulate the pioneer cryptocurrency. An X user, who calls himself a crypto analyst, stated: “Oh great, another whale just played hide and seek with their #btc. 59 million bucks to an unknown wallet? Classic.” He warned other commentators: “remember, not every transaction is a signal—some are just noise in this circus.”
While this transaction may seem like accumulation, earlier today, the on-chain data aggregator CryptoQuant tweeted that whales are likely to be making a major Bitcoin sell-off on Coinbase Institutional at the moment.
The X post stated: “Over the past month, the premium recovered significantly, but is now dropping again — aligning with the recent BTC price correction.” Their analyst @abramchart wrote on his X account that since the Bitcoin price is lower on Coinbase Institutional than on other exchanges, “this indicates clear selling pressure from US investors.”
After the aforementioned tweet, Whale Alert reported that an anonymous cryptocurrency whale transferred 2,107 Bitcoins (equating to $197,736,862) to a wallet belonging to Coinbase Institutional. This transaction could potentially end up as a sell-off.
Bitcoin Satoshi-era whales come back to life
Earlier today, several analytics sources on X, including Whale Alert and Lookonchain, reported the awakening of two ancient cryptocurrency wallets. One of them had last been active in 2013, and the other one made its previous transaction in 2015.
The former transferred 1,079 BTC worth $102.54 million to a new wallet. The latter shoveled 2,343 BTC valued at $221.7 million to a new blockchain address. This occurred after the Bitcoin price plunged below the $95,000 level.
Vladislav Sopov