Traders are tracking several massive Bitcoin transfers from crypto whales to leading US-based exchange Coinbase.
A whale just sent 2,000 BTC worth about $85 million to Coinbase in a transaction first spotted by the blockchain data tracker Whale Alert.
The transaction came hours after a separate whale sent 564 BTC worth $23 million to the exchange, and after a third whale moved 1,045 BTC worth $44 million to Coinbase.
The big movements are part of an overall spike in crypto being sent to exchanges, according to crypto analytics company Santiment.
According to the firm, altcoins are moving to exchanges “in rapid fashion” over the last day in reaction to the recent market rally.
? Coins are moving on to exchanges in rapid fashion as a reaction to this pump. Here is a leaderboard of percent coins moved compared to normal:$DUSK – 868,000% inflow$BOSON – 11,000%$FET – 6,000%$TRAC – 4,000%$STMX – 3,000%$TRB – 3,000%https://t.co/VxHn9Hbssw pic.twitter.com/7Hr7XwYSKB
— Santiment (@santimentfeed) March 22, 2022
As for Bitcoin, the overall trend in 2022 has been BTC leaving crypto exchanges.
Santiment’s data shows there’s now approximately 300,000 fewer BTC on exchanges than there was at the start of the year.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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