According to information from popular cryptocurrency tracking service Whale Alert, two large chunks of Bitcoin have been transferred from leading US crypto exchange Coinbase to anonymous wallets.
About 23,000 Bitcoins Transferred from Coinbase to Cold Wallets
This event occurred when Bitcoin briefly fell below the $27,000 level.
Whale Alert reported that these were two consecutive transfers carrying 11,533 BTC and 11,347 BTC. These are equivalent to $316,300,407 and $311,198,260.
The transfer of such a significant amount of BTC is arousing interest among market participants and cryptocurrency enthusiasts.
Bitcoin's large-scale movements often point to the activities of institutional investors or high-net-worth individuals, as these individuals often hold substantial amounts of cryptocurrencies.
Bitcoin plunged 1.9% on May 15 after news that the leading BlockFi crypto lending platform was planning to liquidate its business.
The company has been trying to sell its crypto platform and around 700,000 client accounts since January, citing regulatory challenges as the main reason for this decision. However, these attempts were unsuccessful.
It is stated that this situation triggers an upward movement, as BTCs withdrawn from the stock market to the cold wallet reduce the supply of Bitcoin waiting on the stock market to be sold.
At the time of this writing, Bitcoin (BTC) was trading at $27,000.
*Not investment advice.