Bitcoin
Bitcoin withdrawal of almost US$500 million surprises major US exchange before CPI
Gamza Khanzadaev
Mysterious whale withdraws half a billion dollars worth of Bitcoin from Coinbase, sparking speculation ahead of key CPI data
Read U.TODAY at
google news
In a development that has caught the attention of the cryptocurrency community, Whale alerta platform that tracks large cryptocurrency transactions, reported the transfer of 7,999 Bitcoin (BTC) from the major North American exchange Coinbase to an undisclosed address. At the current market rate of approximately $62,200 per BTC, this transaction is equivalent to almost half a billion dollars.
A closer look at blockchain data reveals a notable pattern in the movement of these funds. After the initial transfer to a new address identified as “1JmaF”, the Bitcoin was later divided into smaller portions and distributed to another 62 addresses.
Source: Arkham Intelligence
Each of these subsequent transfers involved approximately 165.3 Bitcoinequivalent to around $10.2 million, raising questions about the reasons behind the fragmentation of funds and the identity of the parties involved.
IPC Day
The timing of this substantial withdrawal is particularly noteworthy, coinciding with heightened expectations surrounding updates on US consumer inflation. Analysts speculate that the upcoming release of the Consumer Price Index (CPI) could have significant implications for financial markets, including the cryptocurrency sector.
Although expectations suggest that the April CPI may not signal a significant increase in inflation, uncertainties persist regarding the market’s potential reaction to the data.
The outcome of the April CPI report has a significant influence on market sentiment. A higher-than-expected CPI could trigger greater market volatility, while a more subdued report could temporarily ease concerns about inflation.
The question of expectations of the unknown entity behind this significant Bitcoin retreat approaches. Could it be that the whale, as these holders are often called in cryptocurrency circles, is betting on favorable economic data and subsequent market growth?
About the author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated in finance and credit with a specialization in securities and financial derivatives. He also completed a master’s program in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.