A significant Bitcoin withdrawal of $59.3 million was reported from Coinbase, sparking speculation about whale accumulation. However, analysts suggest there may be sell-offs occurring, particularly at Coinbase Institutional. Additionally, ancient Bitcoin wallets have been reactivated, leading to substantial transfers, further complicating market narratives.
In a notable event, Whale Alert, a popular blockchain data tracker, has reported a significant withdrawal from Coinbase, the leading cryptocurrency exchange in the United States. The withdrawal involved 629 Bitcoins, valued at around $59.3 million, recently moved to an unknown wallet. This has sparked discussions among the crypto community, raising questions about whale behaviour in the market.
The transaction stirred up quite a reaction online, with analysts and enthusiasts speculating that this indicates whales may be stockpiling Bitcoin. One user, identifying as a crypto analyst, commented, “Oh great, another whale just played hide and seek with their btc. 59 million bucks to an unknown wallet? Classic.” However, he cautioned that not every large trade signals a shift; some might just add to various market noises.
Interestingly, while some viewed this as a sign of accumulation, a contrary narrative is emerging. Earlier today, CryptoQuant, another on-chain data aggregator, suggested that considerable sell-offs might be occurring at Coinbase Institutional. They noted a recovering premium which has begun to decline, paralleling a recent correction in Bitcoin’s price. According to their analysis, the lower Bitcoin price on Coinbase compared to other exchanges suggests US investors are indeed facing selling pressure.
Adding fuel to the speculation, Whale Alert reported an additional whale transaction whereby 2,107 Bitcoins, valued at approximately $197.7 million, were transferred to Coinbase Institutional. This is seen by many analysts as potential evidence of an impending sell-off.
In further intriguing developments, cryptocurrency analytics platforms like Whale Alert and Lookonchain also highlighted the reactivation of dormant wallets from the Bitcoin Satoshi era. One wallet, inactive since 2013, sent 1,079 BTC worth about $102.5 million to a new address. Meanwhile, another wallet which hadn’t seen activity since 2015 transferred 2,343 BTC valued at $221.7 million. These moves raise questions about market sentiment, especially after Bitcoin’s price fell below the $95,000 mark.
