Whales Suddenly Move $320,000,000 in Bitcoin to a Single Destination – Here’s Where the Crypto Is Headed

Crypto whales just moved over 5,800 Bitcoin (BTC) worth more than $327 million into a single destination, according to a whale-surveilling platform.

Whale Alert tells its 1.8 million followers in a series of tweets that in the last 24 hours crypto whales are relocating thousands of BTC amid a correction that saw Bitcoin tumble to a new 30-day low of $52,416.

Five of the transactions involved shifted BTC from wallets of unknown origins to popular US-based crypto exchange Coinbase. Meanwhile, one transaction moved a large sum of Bitcoin from global crypto exchange Binance to Coinbase.

Here’s a summary of the BTC transactions:

• 530 BTC worth $30.05 million transferred from unknown wallet to Coinbase
• 1,000 BTC worth $56.69 million transferred from unknown wallet to Coinbase
• 525 BTC worth $29.53 million transferred from unknown wallet to Coinbase
• 842 BTC worth $46.98 million transferred from unknown wallet to Coinbase
• 1,000 BTC worth $54.69 million transferred from Binance to Coinbase
• 2,000 BTC worth $109.06 million transferred from unknown wallet to Coinbase

While crypto investors tend to be concerned that a massive influx of Bitcoin into the crypto exchanges might indicate downward selling pressure, insights firm Into the Block reports that centralized exchanges recorded more outflows than inflows during the past week.

The crypto intelligence platform says,

“Bitcoin recorded nearly $2 billion in net outflows from centralized exchanges, the highest level in five weeks.”

At time of writing, BTC is down nearly 7.14% on the day to $52,557.

 

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