An unidentified whale deposited 4,535 BTC, or $322.14 million, to Coinbase, the biggest cryptocurrency exchange in the US, today, as disclosed by data from Whale Alert. The fact that this transfer was performed on Coinbase Institutional gives it even more character. This is the business and financial institutions section of Coinbase, offering them a comprehensive variety of services for the purchase, storage, and sale of digital assets.
What is the sender’s known identity? On the crypto arena, the address “147t6” is a relatively recent entrant. Just two days prior, the initial transactions using this address occurred when they took the first 843.53 BTC, or $60.45 million, out of Coinbase Prime.
They were solely withdrawing Bitcoin from Coinbase up until that point, and as a result, they accumulated 4,535 BTC, which was transferred to Coinbase Institutional today. Right now, this address is entirely empty.
Bitcoin price eyes recovery
Bitcoin’s price first dropped by 5.53% at this moment, from $71,758 to $67,518. But during the past 20 hours, the price of bitcoin has begun to rise and is currently trading at $70,750.
In an attempt to draw conclusions, we might hypothesise that this is either a little deal from a major investor looking to profit quickly on the decline and rise in the price of the leading cryptocurrency, or it is an internal operation of the exchange itself to shift Bitcoin between its own structures.
In any case, it will be fascinating to watch this Bitcoin whale and its future movements.
