Bitcoin Whale moves $940,032,000 worth of BTC out of Coinbase Pro as crypto markets consolidate: on-chain data
Nearly $1 billion worth of Bitcoin (BTC) was suddenly dumped from crypto exchange Coinbase as the flagship cryptocurrency trades 72% below its all-time high.
According to on-chain data recorded by blockchain insights firm CryptoQuant, 48,000 BTC with a dollar value of $940,032,000 left the Coinbase Pro platform early Tuesday.
CryptoQuant says that a majority of the BTC moved were old coins, some of which have been dormant for up to five years.
“A total of 48,000 BTC was moved on-chain.
A large part are really old coins (between 3 and 5 years old).
- 3m – 6m: 11,280 BTC
- 2m – 18m: 4,560 BTC
- 3 years – 5 years: 32,000 BTC
The outflow of 48,000 BTC comes from Coinbase Pro and has a dollar value of $940,032,000.00.
Source: CryptoQuant
At the time of writing, CryptoQuant says further investigation is needed to determine the true nature of the transfer and whether it could be an exchange that shuffles their coins around, or a clean drain into cold storage by one big players.
CryptoQuant says that after the big transfer, 8,000 BTC were deposited into Coinbase, split into batches of 122 coins each. The company teases the idea that institutions could be behind the whale transfer.
“We saw that several times during the 2021 bull run, right? Um, institutions.”
At the time of writing, Bitcoin is changing hands at $19,309 and has been trading almost unchanged for more than six weeks.
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