Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
As revealed thanks to data from Whale Alert, an unknown whale sent 4,535 BTC, equivalent to $322.14 million, to the largest crypto exchange in the United States, Coinbase, today. What adds even more color to this transfer is that it was made on Coinbase Institutional. That is Coinbase's business and financial institutions division, providing them with a full range of services for storing, buying and selling digital assets.
Alex DovbnyaWhat is known about the sender? The address "147t6" is a relatively new player on the crypto scene. The first transactions with this address date back only two days earlier, when they withdrew the first 843.53 BTC, equivalent to $60.45 million, from Coinbase Prime.
From then until now, they were only transferring out Bitcoin from Coinbase, thus accumulating 4,535 BTC, which was sent to Coinbase Institutional today. This address is now completely empty.
Bitcoin price eyes recovery
At this time, the price of Bitcoin first fell 5.53%, dropping from $71,758 to $67,518. However, in the last 20 hours, the price of BTC has started to show signs of recovery and is already quoted at $70,750.
Trying to draw conclusions, we can speculate that this is either an internal operation of the exchange itself to move Bitcoin between its own structures, or a little trade from a large investor who decided to take a quick gain on the fall and recovery of the price of the main cryptocurrency.
Regardless, It will be interesting to follow this Bitcoin whale and see what it does next.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team