Bitcoin
Mysterious $250 million Bitcoin transfer surprises major US exchange
Gamza Khanzadaev
Mysterious Quarter Billion Dollar Bitcoin Transfer Hits Coinbase as BTC Price Prepares for Breakout
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Right now, Whale alert reported that 3,508 BTC worth $249.18 million were transferred to Coinbase, the largest cryptocurrency exchange in the United States. The sender address, identified as “bc1qcl95”, is linked to Coinbase Prime Custody, which manages institutional client funds. This address was active just six days ago, receiving 19,183 Bitcoin from another exchange-based address during this period.
The transfer history of this address reveals multiple transfers between unknown addresses in recent months. It could be suggested that such large transfers could signal that some important player is preparing to sell assets, as it moves a significant amount of assets. Bitcoin for a highly liquid platform like Coinbase it is often a precursor to sales.
Despite the magnitude of this transfer, the price of the cryptocurrency remained stable, continuing to trade above US$71,000. This price level is just 3.8% below BTC’s all-time high, reflecting market confidence and that interest from institutional and retail investors is indeed present.
BTC to USD per CoinMarketCap
Meanwhile, Bloomberg reports that the short-term 30-day correlation between Bitcoin and the Nasdaq 100 index of U.S. technology stocks is around the highest since the start of 2023. This suggests further gains in the stock gauge may be accompanied by a bullish movement in the crypto market leader.
Mike Novogratz, CEO of Galaxy Digital, mentioned on Bloomberg Television that a more positive political environment in the US for digital assets will likely help boost the Bitcoin price to a record $100,000 or even more by the end of the year.
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.