A deep-pocketed investor is suddenly shifting hundreds of millions of dollars worth of Bitcoin (BTC) as the crypto king continues to consolidate.
The blockchain-monitoring service Whale Alert initially spotted a single Bitcoin transaction to the tune of over $387.705 million.
Whale Alert reports that an entity abruptly relocated 9,601 BTC from a wallet of unknown origin to the digital asset exchange Coinbase where the massive Bitcoin trove could potentially be sold on the open market. The whale paid about $200 in BTC to process the transaction.
? ? ? ? ? ? ? ? ? ? 9,601 #BTC (387,705,784 USD) transferred from unknown wallet to #Coinbasehttps://t.co/GvjLUIJrH9
— Whale Alert (@whale_alert) January 19, 2024
Data from blockchain analytics firm Arkham Intelligence shows that the entity accumulated the Bitcoin stash on Saturday using Coinbase Prime, the exchange’s platform that caters to institutional investors. The investor subsequently sent the Bitcoin to a new unknown wallet before moving it back to Coinbase Prime in a matter of hours.
At time of writing, Bitcoin is worth $41,631.
Other large BTC whale transactions tracked by Whale Alert in the last 24 hours include:
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