$230,000,000 Bitcoin Stuns Largest US Crypto Exchange, Coinbase

Popular blockchain sleuth Whale Alert, which tracks large cryptocurrency transactions, has spotted three massive Bitcoin transfers that took place within a single hour, following each other closely.

They targeted Coinbase Institutional, carrying hundreds of millions of dollars worth of Bitcoin.

You Might Also Like

$230 million in Bitcoin shoveled to top US platform

The above-mentioned on-chain data aggregator spread the word about three consecutive Bitcoin transfers entering Coinbase Institutional – the branch of the US largest crypto exchange, Coinbase, dealing with institutional clients.

These deposits carried 870, 814, and 472 BTC and were equal to $230,000,000 in total at the time when those transfers were initiated. These large lumps of Bitcoin were sent from anonymous wallets to the aforesaid crypto trading venue.

Today, the Bitcoin price displayed a sharp drop, falling by 2.6% from the $108,800 zone to a local bottom near $106,000. A similar drop took place on Thursday last week. Both bearish movements were largely triggered by the recent escalation in the military developments in the Middle East. Besides, the treat of a trade war between the US and Canada still looms with negative predictions for both economies.

You Might Also Like

Bitcoin mid-term profit takers cashing out

According to a Glassnode report published on the X platform today, there has been a significant change in the tier of wallets that have been taking profits by selling part of their Bitcoin portfolios recently.

Last week, according to the on-chain data aggregator, Glassnode, the main profit-takers who sold Bitcoin were wallets holding Bitcoin for more than 12 months. Those cohorts were responsible for 83% of all realized profit in the market. Meanwhile, wallets that hold Bitcoin for 6-12 months just realised $904 million of their profits, overtaking the old cohorts. That was the second-highest daily profit year-to-date.

This was how the things stood last week. On Monday, this trend flipped. Therefore, mid-cycle Bitcoin buyers are cashing out at the moment, while long-term holders continue to hold or might be even accumulating more BTC. According to another post in this Glassnode thread, it is mainly those whales selling now who bought Bitcoin in the 4th quarter of 2024.