A movement of nearly half a billion dollars worth of BTC is turning heads among crypto traders.
A wealthy Bitcoin whale just moved 14,892 BTC worth $483,449,307 off of US-based crypto exchange Coinbase.
The transaction was initially sighted by the automated blockchain surveilling tool known as Whale Alert.
According to the latest block explorer data, the whale sent the massive crypto trove in a flurry of transactions with values ranging from 375 BTC to less than one BTC to a single wallet. The transfer costs 0.01662714 BTC or about $560.
BitInfoCharts reveals that the big-time crypto whale first created the sending wallet on December 1st, 2018. Over time, the wallet received substantial amounts of BTC en route to becoming 51st richest address on record.
On-chain analyst and CEO of blockchain intelligence firm CryptoQuant Ki Young Ju says the BTC has moved from Coinbase to a crypto custodial platform.
“Massive Coinbase outflows. 15k BTC at $32,400. Looking at the transaction, it went to custody wallets that only have in-going transactions. It’s likely to be OTC (over the counter) deals from institutional investors. I believe this is the strongest bullish signal.”
Ki Young Ju cites a thread to explain why he considers large BTC outflows from exchanges as a bullish indicator.
“Otherwise, transaction volumes are coming from non-exchange wallets. Since the price is eventually determined on exchanges, massive non-exchange transaction volume is considered as a bullish signal. These transactions include OTC deals.”
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