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Two Whales withdrew billions of Bitcoins from Coinbase

Two Whales withdrew billions of Bitcoins from Coinbase

Bitcoin price is now hovering around the $57,000 price level. As per Whale Alert, the actors conducted 36 separate transactions valued at between 351 and 391 Bitcoin, from Coinbase exchange to unknown wallets. The transactions between 4:00 – 5:00 PM UTC are estimated at over $750 million in BTC. It aggregates up to 13,204 Bitcoins. Last night, Whale Alert tweeted that 4,501 BTC had left Coinbase for an unknown wallet. The transactions indicate that over a billion dollar’s worth of crypto has left Coinbase in the past 24 hours.

However, it’s not known whether the transaction is related. The movement of the large amount of Bitcoins implies that another significant institution is planning to enter the crypto space. With more institutions funding in Bitcoin, institutional investors and speculators are trying to hide their massive Bitcoin trades. The methods employed helps to eliminate the risk of exposing their intention to the market, which could cause them unfavorable price moves.

Growing interest of Institutional Investors in Bitcoin

The transfers could also symbolize an over-the-counter desk reshuffling its wallets. It could be a Bitcoin not-quite-billionaire transferring cash to cold storage, or indeed a money-laundering scheme. Bitcoin’s exciting price rise over the last three months is because massive institutional investors like MassMutual, Square, Grayscale, and MicroStrategy support cryptocurrency. 

Bitcoin has passed various milestones over the last fortnight. Firstly, Tesla revealed that it had purchased $1.5 billion in Bitcoin. Considering that Tesla hasn’t traded any of it, Elon Musk’s electric car company will have benefited more from this investment alone than from its cars’ consolidated sales last year. Another massive part of institutional interest grew from asset management company BlackRock. Its CIO Rick Rieder declared that the firm is buying some of its clients’ $8.67 trillion money pot into Bitcoin. One of America’s oldest banks, BNY Mellon, published last week to add crypto asset management services for its clients. Bitcoin also recently surpassed a $1 trillion market capitalization.

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