$703 Million in Bitcoin Withdrawn from Coinbase to Unknown Wallets, Here’s Possible Reason


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Yuri Molchan

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Anonymous whales have shifted 18,660 Bitcoins from the largest U.S.-based exchange

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Whale Alert crypto tracker has reported that in the past 24 hours, nearly 19,000 BTC have been moved from Coinbase to several unnamed digital wallets.

$703 million in Bitcoin moved to cold wallets

The comprised fiat equivalent of these transactions is roughly $703.5 million.

Four transactions have been spotted by Whale Alert cryptocurrency tracker, carrying large sums in Bitcoin from Coinbase, the largest cryptocurrency exchange in the U.S., which went public in April last year.

The two largest ones moved 8,000 BTC and 7,794 BTC, comprising $300,543,330 and $293,180,231. The other two shifted 1,000 and nearly 2,000 Bitcoins.

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Two of these transfers—the largest ones—were made to the same address: 3GoyTuGqJUC6PhLx2PzVXcz86rjsAMBtoS.

This address currently holds 19,244 Bitcoins worth $747,137,075, received within four transactions. By now, it has lost $1,439,486 on the price change, according to BitInfoCharts.

Bitcoin market performance

On April 28, the leading global digital currency nosedived below the $40,000 level, reaching the low of $37,600 on May 1 and May 3. Earlier today, BTC briefly managed to recover and touch $39,000, but now the coin is changing hands at $38,806.

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It is likely that the aforementioned heavy crypto transactions carried Bitcoin from Coinbase to cold wallets, while digital gold is trading below the $40,000 zone.

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Image via CoinMarketCap




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