Massive $206 Million Bitcoin Deposit Shakes Largest US Exchange, Coinbase
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Popular blockchain tracker Whale Alert, which monitors large cryptocurrency transactions made by large holders known as whales, has spotted a major transfer targeted at the U.S.-based exchange Coinbase.
This coincided with a substantial Bitcoin price increase seen by the world’s largest cryptocurrency today.
3,000 BTC moved to Coinbase
Whale Alert spotted an astounding 3,000 BTC deposit going to Coinbase. This amount of crypto was valued at $205,920,028 at the time of the initiated transaction – roughly two hours ago.
After that, the aforementioned data source also detected a 1,501 BTC (worth $103,243,667) transfer moved from one anonymous wallet to another.
Since Friday, Oct. 25, the largest digital currency by market capitalization value, Bitcoin, printed an increase of 3.68%, going up from the $66,500 zone to $68,865, where it is changing hands as of writing time. In the last day, Bitcoin has gone up by almost 2%.
Prior to that, last Friday, Bitcoin suddenly plunged by 2.57% after the negative development in the Middle East and on the news of Tether giant being investigated by the U.S. government. The company’s CEO Paolo Ardoino refuted that news reported by the WSJ as fake news.
Yuri MolchanMicroStrategy outperforms Bitcoin annually
In a recently published tweet, vocal Bitcoin evangelist and founder of the MicroStrategy behemoth Michael Saylor has shared data that shows that the performance of MicroStrategy stock MSTR has surpassed BTC itself over the past four years.
Back in August 2020, Saylor’s company began to buy BTC with its free cash reserves, and that was how the company adopted its Bitcoin strategy. According to the infographic shared by Saylor, Bitcoin since then has surged by 51% annually, surpassing the Magnificent 7 (+28%), S&P 500 (+14%), real estate (+10%), gold (+7%) and bonds (-5%).
Compared to Bitcoin, MSTR has shown 101% in annualized performance. MicroStrategy continues its regular BTC purchases. Several times (this year and in 2023 cumulatively), it has issued convertible senior notes to raise close to $1 billion from investors in order to buy more Bitcoin from the market. Thus, basically, MicroStrategy is operating like an unofficial ETF now, since many who are buying MSTR are investing in its Bitcoin holdings, betting on their rise in value in the near future.
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