Mysterious Bitcoin Whale Makes a Splash After Moving $320 Million in $BTC to Coinbase Institutional

A mysterious Bitcoin ($BTC) whale has moved more than $320 million worth of the flagship cryptocurrency to Nasdaq-listed cryptocurrency exchange Coinbase, in a transaction that was tagged as going to the exchange’s institutional platform.

According to data shared by blockchain tracking service Whale Alert, a mysterious cryptocurrency whale moved 4,535 BTC from a self-custody wallet into the Nasdaq-listed trading platform from an address identified as “147t6.”

Blockchain data shows that the address first started accumulating funds a couple of days ago, with an initial purchase of 842.53 BTC worth around $60 million from Coinbase Prime, adding in more funds in subsequent transactions.

The mysterious transactions could be part of Coinbase’s internal movements of funds, possibly as it beefs up its security or reorganizes its cold storage of funds. Others have suggested a large cryptocurrency investor may be taking advantage of Bitcoin’s recent price rise to sell their funds, or simply moved to custody with Coinbase Instituional.

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The transaction came shortly after hotter-than-expected inflation data in the United States saw equities markets tumble and yields rise, with the price of Bitcoin briefly dropping to $66,000 before recovering, now trading above $70,000.

As recently reported Peter Brandt, a highly experienced and respected figure in the world of trading and market analysis known in the cryptocurrency space for accurately predicting Bitcoin’s 84% decline in 2018, has revealed he sees BTC surging toward the $80,000 mark in the near future.

Not everyone is as bullish, however, as Peter Schiff, CEO of Euro Pacific Capital and a well-known Bitcoin bear, has recently told investors that this is “their last chance” to sell their Bitcoin holdings and buy gold and silver instead, with the alternative being to “have fun staying poor.”

Featured image via Pixabay.

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• Source: https://www.cryptoglobe.com/latest/2024/04/mysterious-bitcoin-whale-makes-a-splash-after-moving-320-million-in-btc-to-coinbase-institutional/