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Bitcoin Whales Initiate Huge Coinbase Transfers, Moving $409,000,000 in BTC As Volatility Rocks Crypto Markets

dailyhodl.com 21 February 2022 21:25, UTC
Reading time: ~2 m

Some of the largest Bitcoin (BTC) holders in the world are moving massive amounts of BTC amid widespread market volatility.

In the past 24 hours, whales moved a total of 10,653 Bitcoin worth approximately $409,316,661 to and from Coinbase – with the vast majority of the transfers moving BTC off of the exchange to unknown wallets.

The largest single transfer sent 5,000 BTC from Coinbase to an unidentified wallet. That transaction alone was worth over $190.1 million at time of transfer.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 5,000 #BTC (190,171,100 USD) transferred from #Coinbase to unknown wallethttps://t.co/oFK0YyVjAF

— Whale Alert (@whale_alert) February 21, 2022

The rest of the super-sized outflows off of Coinbase occurred as follows:

  • 3,000 BTC worth $116.2 million sent from Coinbase to unknown wallet
  • 823 BTC worth $31.5 million sent from Coinbase to unknown wallet
  • 745 BTC worth $28.8 million sent from Coinbase to unknown wallet

A fifth transaction flowed the other way, moving 1,085 BTC worth $42.6 million from an unknown wallet to Coinbase.

Crypto analyst Will Clemente says deep-pocketed BTC holders appear to be interested in buying the flagship cryptocurrency between $30,000 and $35,000.

“…We can look at spot order books and see where areas of interest are for large players. Seeing a confluence across several major exchanges of interest at that $30k level. 

And lastly, looking at whales’ holdings, saw a fairly substantial uptick on the move down to $30k a few weeks ago, showing that was a level that they were interested in doing business.”

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