A total of 2,910 Bitcoin worth over $75 million were recently transferred to cryptocurrency exchange Coinbase from an unknown wallet address.
The large transfer was first reported by the @whale_alert Twitter account, which tracks large cryptocurrency transactions.
The transaction occurred on Wednesday, August 23rd, 2022, at approximately 5:19 a.m. UTC, when Bitcoin was trading below $26,000.
This has sparked speculation among some crypto market observers that the owner of the transferred Bitcoin may be preparing to sell or “dump” the coins on Coinbase. Large transfers to exchanges are sometimes viewed as signals of impending selling pressure.
However, it is also possible the owner is simply moving their Bitcoin holdings to Coinbase for custody purposes rather than an intent to sell. Without knowing the owner of the wallet, it’s impossible to determine their motivations with certainty.
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Show more +Nonetheless, the timing of this large transfer hints at something, with Bitcoin dropping below $26,000 to $25,520 before returning to its current price of $26,000.
With market sentiment depressed and prices low, Bitcoin whales and other large holders transferring coins to exchanges tend to capture attention. Ongoing on-chain analytics will continue monitoring wallet activity for signals of whether major holders are positioning for continued declines or accumulation.
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