Main navigation

$703 Million in Bitcoin Withdrawn from Coinbase to Unknown Wallets, Here's Possible Reason

Wed, 05/04/2022 - 16:00
article image
Yuri Molchan
Anonymous whales have shifted 18,660 Bitcoins from the largest U.S.-based exchange
$703 Million in Bitcoin Withdrawn from Coinbase to Unknown Wallets, Here's Possible Reason
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News
Contents

Whale Alert crypto tracker has reported that in the past 24 hours, nearly 19,000 BTC have been moved from Coinbase to several unnamed digital wallets.

$703 million in Bitcoin moved to cold wallets

The comprised fiat equivalent of these transactions is roughly $703.5 million.

Four transactions have been spotted by Whale Alert cryptocurrency tracker, carrying large sums in Bitcoin from Coinbase, the largest cryptocurrency exchange in the U.S., which went public in April last year.

The two largest ones moved 8,000 BTC and 7,794 BTC, comprising $300,543,330 and $293,180,231. The other two shifted 1,000 and nearly 2,000 Bitcoins.

Two of these transfers—the largest ones—were made to the same address: 3GoyTuGqJUC6PhLx2PzVXcz86rjsAMBtoS.

This address currently holds 19,244 Bitcoins worth $747,137,075, received within four transactions. By now, it has lost $1,439,486 on the price change, according to BitInfoCharts.

Related
Bitcoin Volatility Dips Below 18-Month Lows as Price Back Above $39,000

Bitcoin market performance

On April 28, the leading global digital currency nosedived below the $40,000 level, reaching the low of $37,600 on May 1 and May 3. Earlier today, BTC briefly managed to recover and touch $39,000, but now the coin is changing hands at $38,806.

It is likely that the aforementioned heavy crypto transactions carried Bitcoin from Coinbase to cold wallets, while digital gold is trading below the $40,000 zone.

BTC_coinbaseanon_0hjknm900erf
Image via CoinMarketCap
article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and 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.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.