Whopping 10,000 BTC Shoveled to Coinbase, Community Wonders

Chinese crypto journalist and blogger Colin Wu has shared a link to BitInfoCharts to show that earlier today a staggering 10,000 Bitcoin worth $267 million were transferred to the Coinbase exchange.

Huge BTC lump moved to Coinbase

The transfer was made around 19 hours ago, when the flagship cryptocurrency was trading above the $27,600 level. Prior to being moved to Coinbase, this huge chunk of crypto was sent from one anonymous wallet to another, and only then was it moved to the crypto exchange.

Since then, the price has gone down by 2.04%, now exchanging hands at $26,845. The same wallet sent 10,000 BTC to the same exchange on May 12 as well.

Today, a address transferred 10,000 BTC (about $267 million) to Coinbase. On May 12, this address has transferred 10,000 BTC to Coinbase, when the BTC price was $27,620. H/T @EmberCN https://t.co/i6x2FrVcKL

— Wu Blockchain (@WuBlockchain) May 19, 2023

In the comments below the tweet, Bitcoin holders began pondering about the possible sender and receiver of the crypto. One Twitter user stated that he intends to short Bitcoin after this massive BTC transfer.

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Miners sell 2,000 BTC on exchanges

Earlier it was reported that before the price of Bitcoin fell by 3%, an anonymous whale sent 1,750 BTC to Binance. The @lookonchain account pointed out that on April 21, the same wallet transferred a more than twice as large BTC amount to Binance — 5,791 BTC — and the price also went down.

The account suggested that Twitter users keep an eye on that whale in the future. That wallet was not the only one who sold a lot of Bitcoin within the last 24 hours.

Crypto analyst Ali Martinez spread the word that during the last 24 hours, the Bitcoin Miner Reserve plunged to 1.825 million BTC. This indicates that miners have sold about 2,000 Bitcoins worth $54 million.