Unknown Wallets Received $703 Million In Bitcoin From Coinbase

According to the crypto tracker Whale Alert, almost 19,000 Bitcoin has been transferred from Coinbase to multiple unknown digital wallets in the last 24 hours.

Bitcoin was moved to cold wallets for $703 million

The total fiat value of these trades is around $703.5 million.

Whale Alert, a cryptocurrency tracker, has discovered four transactions involving big sums of BTC from Coinbase, the largest cryptocurrency exchange in the United States, which went public in April of last year.

The two biggest ones traded 8,000 and 7,794 BTCs, totaling $300,543,330 and $293,180,231, respectively. The other two transactions totaled 1,000 and nearly 2,000 BTCs, respectively.

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.

The state of the bitcoin market

The largest global digital currency plunged below $40,000 on April 28, reaching a low of $37,600 on May 1 and 3. BTC momentarily recovered and reached $39,000 earlier today, but the coin is now trading at $39,556.

While digital gold is trading below $40,000, it’s possible that the aforementioned massive crypto transactions transferred BTC from Coinbase to cold wallets.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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