A deep-pocketed investor is suddenly shifting hundreds of millions of dollars worth of Bitcoin (BTC) as the crypto king continues to consolidate.
Blockchain monitoring service Whale Alert initially discovered a single Bitcoin transaction worth more than $387.705 million.
Whale Alert reports that an entity has abruptly moved 9,601 BTC from a wallet of unknown origin to the digital asset exchange Coinbase, where the massive Bitcoin hoard could potentially be sold on the open market. The whale paid approximately $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 collected the Bitcoin supply on Saturday using Coinbase Prime, the exchange platform aimed at institutional investors. The investor then sent the Bitcoin to a new, unknown wallet before moving it back to Coinbase Prime within hours.
At the time of writing, Bitcoin is worth $41,631.
Other major BTC whale transactions tracked by Whale Alert in the past 24 hours include:
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Generated image: Midjourney