The cryptocurrency market has recorded several major price hikes over the past two months, taking the overall market capitalization of digital assets to around $280 billion for the first time since August 2018.
However, at press time, the market was witnessing a major price correction wherein top virtual currencies were plummeting in valuation, with the market cap struggling to remain over the $250 billion mark.
In the middle of the correction, Whale Alert, an online cryptocurrency-transaction tracker, reported a massive transaction of 25,160 BTCs from an unknown wallet to Coinbase.
According to the transaction’s details, the entire transaction was worth $213,365,390 and according to the time stamp, it took place at 22:37 UTC on June 3, 2019. The transaction was between the addresses 36png4nUpGkCrYnRXNR4PMSRFEgGadmh8S [Unknown wallet] and 3D9Gi4JsBaFRfyyDHiC3QM4o3zreV6oD4G [Coinbase Exchange.]
According to blockchain.com, the unknown wallet conducted 46 transactions in total and received around 43,756 BTC. However, at press time, the final balance in the account was only a minor 0.00029331 BTC.
The unknown wallet received a lot of minor BTC transfers over the past few months, but a series of major transfers had also occurred during the market surge of 2017.
According to blockchain.com, after the amount was received by the Coinbase wallet, it was further distributed to another chain wallet and then, to four different individual wallets where two of the wallets had 14,160.267 BTC and 10,999.82 BTC.
It was observed that the transaction took place 40 minutes before Bitcoin started plummeting in the market, which has the community speculating that it was another case of market manipulation surfacing on the network.
At press time, Bitcoin was valued at $7,950.99, with a market cap of around $141 billion.