Whale Alert: Â $909M+ Bitcoin Heads to Coinbase Institutional, Raising Eyebrows
The post Whale Alert: Â $909M+ Bitcoin Heads to Coinbase Institutional, Raising Eyebrows appeared first on Coinpedia Fintech News
In some exciting news, Whale Alert, the crypto watchdog, has detected four significant Bitcoin transfers bound for Coinbase Institutional from undisclosed crypto wallets.
Get ready for a deep dive into the current developments in the crypto market.
Bitcoin Big Moves
Whale Alert’s sharp eye caught four substantial Bitcoin transfers heading to Coinbase Institutional. The amounts, totaling 9,783, 1,100, 3,000, and 7,798 Bitcoin, are making waves with a combined value surpassing an impressive $909 million in fiat currency.
— Whale Alert (@whale_alert) January 26, 2024
Coinbase Institutional, the robust arm of the renowned U.S. exchange Coinbase, stands as a fortress for institutional investors, providing advanced custody and trading services.
Seeking New Homes
Simultaneously, on the other end, 13 smaller Bitcoin transfers are on a mysterious journey. A sum of 19,161 Bitcoin is being withdrawn from the platform, with individual amounts ranging from 1,200 to 1,479 BTC. These digital assets are on their way to undisclosed addresses, including the creation of fresh Bitcoin wallets.
Amid Bitcoin’s challenge to stay above $41,000 and heightened market volatility, cryptocurrency whales are leveraging market fluctuations for strategic trades.
Read More: Bitcoin (BTC) Price Can Hit $50K Level Anytime Soon
Grayscale’s Strategic Moves
Shifting focus to Grayscale, a formidable crypto investment firm, strategic moves are in play with the offloading of Bitcoin onto centralized exchanges. Simultaneously, customers are flowing out of its Bitcoin Trust (GBTC).
Insights from Chinese crypto journalist Colin Wu reveal that Grayscale’s spot Bitcoin ETF witnessed a net outflow of $671 million in BTC on a single Thursday, with a daily turnover reaching a substantial $656 million. Despite outflows totaling $5.46 billion, the fund retains a robust $20 billion in Bitcoin holdings.
Read More: Bitcoin Price Braces for Dip: Matrixport Predicts $36K After Grayscale’s Big Move
Rollercoaster Ride!
Bitcoin’s price surged above the $42,000 mark on Friday, showcasing a 5.67% rise before a minor correction of 1.56%. Despite the fluctuation, Bitcoin remains stable above $41,000, trading at $41,744 as per Coinpedia news.
The recent influx of Bitcoin into Coinbase Institutional coupled with Grayscale’s sell-off activities adds further intrigue to the cryptocurrency market’s dynamics amidst ongoing price fluctuations and investor sentiment.
