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Over $1B in Bitcoin Withdrawn from Coinbase in Massive Shift – Crypto News

Published

1 year ago

March 24, 2024

Dripp

According to reports from Whale Alert, an on-chain data tracker revealed that there is a significant movement in Bitcoin (BTC) transactions. In the past 24 hours, wallets marked as unknown have transferred an enormous amount of Bitcoin. These transactions exceed $2.3 billion in fiat value. They were carried out in five substantial transactions, showcasing the volatility and activity within the cryptocurrency market.

Coinbase Sees Billion-Dollar Bitcoin Exit

The smallest of these five transactions moved 4,799 BTC. Another notable transaction included the transfer of 7,452 BTC. The remaining three transactions each moved over 8,100 Bitcoin, with the largest reaching 8,734 BTC, valued at approximately $560,821,374. These transfers not only signify considerable market movements but also highlight the fluidity and dynamism inherent in cryptocurrency exchanges.

A staggering amount of approximately one billion USD worth of Bitcoin was withdrawn from Coinbase, a leading cryptocurrency exchange. This withdrawal, consisting of two major transactions of 8,172 BTC and 8,136 BTC, marks a significant shift in asset allocation. Such withdrawals from a major exchange like Coinbase can have implications for the market’s perception and investor strategy.

Long-Term Holders Shift 90,000 BTC Amidst Volatility

Ali Martinez, a notable cryptocurrency trader and analyst, shared insights into the Bitcoin market’s dynamics. According to Martinez, over the past day, anonymous blockchain addresses have accumulated more than 25,000 BTC. This sum, worth roughly $1.6 billion, represents the largest inflow into accumulation wallets in 2024 to date. This trend indicates a growing interest in Bitcoin accumulation amidst market fluctuations.

Following a 5.29% plunge on Friday, where Bitcoin’s price dropped from $66,490 to $62,975, the cryptocurrency has seen a slight recovery. It has regained a price point of $64,560 over the last 24 hours. These price movements reflect the cryptocurrency’s volatile nature and the market’s rapid response to external factors.

CryptoQuant, a crypto analytics firm, provided additional on-chain data, shedding light on the market’s current state. The data revealed a significant asset exchange among long-term holders, particularly from wallets aged between three and five years. Approximately 90,000 BTC were transferred in this period, indicating a notable shift in long-term investment strategies. Digital asset analyst Mignolet pointed out that this activity coincides with market outlooks and price peaks, suggesting potential future corrections.