Whale Alert: Secret Bitcoin Transfers Surge to $910 Million at Coinbase Institutional

The post Whale Alert: Secret Bitcoin Transfers Surge to $910 Million at Coinbase Institutional appeared first on Coinpedia Fintech News

Major cryptocurrency tracker Whale Alert has detected four mammoth-sized Bitcoin transfers going to Coinbase Institutional from anonymous cryptocurrency wallets. In the meantime, 13 small BTC transfers have been made to withdraw 19,161 Bitcoin to unknown addresses, including several new Bitcoin wallets. 

Hefty Deposited & Withdrawn

Whale Alert identified four significant transfers funneling 9,783, 1,100, 3,000, and 7,798 Bitcoin to Coinbase Institutional from unknown sources. The combined value of these transactions exceeds $909 million in fiat currency.

Coinbase Institutional, a division of the leading U.S. exchange Coinbase, offers advanced custody and trading services to institutional investors.

Meanwhile, 13 transactions have withdrawn 19,161 Bitcoin from the platform, with individual chunks ranging from 1,200 to 1,479 BTC, some moving to new wallets.

Grayscale’s BTC Sell-off 

Amidst Bitcoin’s struggle to maintain levels above $41,000 and heightened market volatility, cryptocurrency whales are capitalizing on market fluctuations for profitable trades.

Grayscale, a prominent crypto investment firm, has been offloading Bitcoin to centralized exchanges while witnessing customer outflows from its Bitcoin Trust (GBTC). 

Data from Chinese crypto journalist Colin Wu indicates that Grayscale’s spot Bitcoin ETF experienced a net outflow of $671 million in BTC on Thursday, with a daily turnover of $656 million. The fund’s total outflows have surpassed $5.46 billion, yet it retains $20 billion in Bitcoin holdings.

Bitcoin Price Breaks

Bitcoin’s price surged above the $42,000 mark on Friday, showcasing a 5.67% rise before a minor correction of 1.56%. Despite the fluctuation, Bitcoin remains stable above $41,000, trading at $41,744 as per Coinpedia news.

The recent influx of Bitcoin into Coinbase Institutional coupled with Grayscale’s sell-off activities adds further intrigue to the cryptocurrency market’s dynamics amidst ongoing price fluctuations and investor sentiment.