In a surprising turn of events, the cryptocurrency market experienced significant activity today, with a total of $120 million worth of Bitcoin (BTC) being transferred across major exchanges.
Alex DovbnyaAccording to reports from Whale Alert, the day commenced with a substantial transaction of 2,818 BTC, equivalent to $75.8 million, sent to the prominent U.S. exchange Coinbase. Shortly after, another major transfer unfolded as 1,630 BTC, valued at $43.82 million, was withdrawn from the Bybit exchange.
Delving into the details behind these transactions, on-chain data analysis provides intriguing insights. The sender address involved in the Coinbase transfer had withdrawn the same amount of Bitcoins from a hot Coinbase wallet earlier in the week, holding them for four days before returning them.
This pattern suggests internal operational activities within the exchange, possibly optimizing the storage of BTC reserves through the utilization of a new, previously undisclosed wallet.
Similarly, the 1,630 BTC withdrawn from Bybit traced back to the exchange's known cold wallet address, "bc1qs," which currently holds a staggering 34,231 BTC, equivalent to $918.93 million.
So, these transfers did not impact the market directly, as the Bitcoins did not enter circulation. However, the substantial sums highlighted by Whale Alert might have inspired other market participants to consider buying or selling BTC.
Alex Dovbnya
Vladislav Sopov
Dan Burgin