$463 Million Bitcoin (BTC) Transfer Sets Off Crypto Whale Watchers – Here’s Why Traders Think They’ve Spotted a Huge Buyer on Coinbase

October 14, 2020 Editor Coinbase 0

Crypto traders are tracking the sudden movement of $463 million in Bitcoin.

The analytics tracker Bitcoin Block Bot was the first to spot four transactions on Monday, which all happened in a three-minute window, transferring a total of 40,758 BTC.

According to Whale Alert, one of the transactions sent 8,000 BTC from the US-based crypto exchange Coinbase to a wallet of unknown origin.

Although the transfer could also be Coinbase simply moving funds around for security purposes, Whale Alert is designed to filter out such transactions.

The transfer quickly sparked talk among traders that a large institution or individual is allocating a portion of their portfolio to Bitcoin. A similar move of more than half a billion dollars in BTC over the weekend sparked similar controversy.

Recent analysis from the crypto analytics company CryptoQuant indicates the vast majority of Bitcoin whales are holding onto their BTC and refusing to sell. The firm’s CEO, Ki Young Ju, says its data shows the number of large investors sending their BTC to exchanges, where it could then be sold on the open market, hit a yearly low in recent weeks.

According to data compiled by Bitcoin Treasuries, 15 publicly traded companies have invested nearly $7 billion in BTC. The companies have earned a collective $500 million since their respective time of BTC allocation.

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