Nearly a billion dollars worth of Bitcoin (BTC) has been spotted suddenly leaving crypto exchange Coinbase as the flagship cryptocurrency trades 72% down from 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 on Tuesday.
CryptoQuant says much of the BTC moved was old coins, some sitting dormant for as much as five years.
“A total amount of 48,000 BTC has moved on-chain.
A big portion is really old coins (between 3 and 5 years old).
- 3m – 6m: 11,280 BTC
- 2m – 18m: 4,560 BTC
- 3y – 5y: 32,000 BTC
The outflow of 48,000 BTC is coming from Coinbase Pro and has a dollar value of $940,032,000.00″
At time of writing, CryptoQuant says that further investigation is still needed to determine the true nature of the transfer, and whether or not it could be exchange shuffling its coins around, or a clean outflow to cold storage by a large player.
CryptoQuant says that after the big transfer, 8,000 BTC were deposited onto Coinbase, split up into batches of 122 coins each. The firm teases the idea that institutions could be behind the whale transfer.
“We’ve seen this multiple times during the 2021 bull run, right? Ahem, institutions.”
At time of writing, Bitcoin is changing hands for $19,309, trading nearly flat for more than six weeks.
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