Mysterious Whale Unloads $322 Million in Bitcoin on Major US Exchange

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Written By Maya Cantina
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Thu, 11/04/2024 – 10:20

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As revealed thanks to data from Whale Alert, an unknown whale sent 4,535 BTC, equivalent to $322.14 million, to the largest crypto exchange in the United States, Coinbase, today. What adds even more color to this transfer is that it was made on Coinbase Institutional. That is Coinbase’s business and financial institutions division, providing them with a full range of services for storing, buying and selling digital assets.

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What is known about the sender? The address “147t6” is a relatively new player on the crypto scene. The first transactions with this address date back only two days earlier, when they withdrew the first 843.53 BTC, equivalent to $60.45 million, from Coinbase Prime. 

From then until now, they were only transferring out Bitcoin from Coinbase, thus accumulating 4,535 BTC, which was sent to Coinbase Institutional today. This address is now completely empty.

Source: Arkham

Bitcoin price eyes recovery

At this time, the price of Bitcoin first fell 5.53%, dropping from $71,758 to $67,518. However, in the last 20 hours, the price of BTC has started to show signs of recovery and is already quoted at $70,750. 

BTC to USD by CoinMarketCap

Trying to draw conclusions, we can speculate that this is either an internal operation of the exchange itself to move Bitcoin between its own structures, or a little trade from a large investor who decided to take a quick gain on the fall and recovery of the price of the main cryptocurrency. 

Regardless, It will be interesting to follow this Bitcoin whale and see what it does next.

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