A Whopping 48,000 $BTC Moved Out From Coinbase Pro, CryptoQuant Says Bull Run Could Be Near
Amid the unexciting and dull state of the cryptocurrency market, a very large quantity of Bitcoin (BTC) has been transferred out from Coinbase Pro.
Coinbase is the largest cryptocurrency marketplace/ exchange in the United States by trading volume and user count. This whale action was spotted and reported on Tuesday by CryptoQuant in a tweet.
According to the update by CryptoQuant, a comprehensive cryptocurrency data analytic platform, Bitcoin (BTC) assets amounting to 48,000 units and worth approximately $940 million at the time of execution left the leading US-based crypto exchange Coinbase Pro to an unknown wallet.
As a matter of concern, this voluminous Bitcoin (BTC) transferred out has either been dormant for many months or years on the popular exchange.
As revealed by CryptoQuant, out of the 48,000 $BTC, 32,000 units of Bitcoin have been dormant between 3-5 years, 11,280 of the coins have been dormant on the exchange between 3-6 months while 4,560 units of the leading cryptocurrency have been dormant on the Coinbase Pro platform for 12-18 months.
JA Maartunn, a community manager for CryptoQuant wrote in the update;
"A total amount of 48K $BTC has moved on-chain. A Big portion is really old coins (between 3 and 5 years old). The outflow of 48K $BTC is coming from #Coinbase Pro and has a dollar value of $940,032,000.00. Further investigation is needed to conclude whether it's an exchange in-house flow, sent to a new wallet, or just a clean outflow."
Why the BTC Movement?
The main purpose or who is behind the large BTC movement is yet to be known. However, one of the underlying speculations is that the funds are likely to be related to some crypto-friendly institutions. On the other hand, it could either be a clean outflow, exchange in-house flow, or just sent to a new wallet.
While the crypto analytic platform CryptoQuant noted that further research will be carried out to unravel the objective and source of the assets' movement, Maartunn, the founder of Diveonchain, and community manager/ verified author at CryptoQuant platform noted that a similar scenario was seen during the 2021 bull run in the crypto market.
It bears mentioning that 8,000 BTC was deposited back on Coinbase shortly after the 48,000 bitcoins outflow. Per the update, the deposit of the 8K BTC was done in about 66 transactions where 122 units of BTC were sent to Coinbase Pro per transaction.
Bitcoin (BTC) in the Market
Since touching the $64K price mark in late 2021, Bitcoin (BTC) has been on a declining path regardless of the increasing adoption the digital asset has gained in recent months.
At the time of writing, BTC is trading for $19,215.26, according to data from Coinmarketcap. In the past 7 days, BTC has only appreciated for about 0.39% while it has declined by about 1.44% in the past 24 hours at the time of writing.
Despite the short-term bearish nature of Bitcoin (BTC), top analysts and many crypto proponents like Robert Kiyosaki believe the leading cryptocurrency asset is a good bet to enter into especially now that it is trading at a discounted price.
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Ether that or people are starting to realize they need to be holding it in their own wallets and not on exchanges.
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True...
That could always be the case because 'not your keys, not your coin.'
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Well let get to see what comes up next
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Yeah
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The movement of this huge amount of btc scares me a little, even though it could be associated with the 2021 increase.
Such a figure, especially if in the hands of a few people, has the power to influence the market for better or worse.
Let's keep our fingers crossed.
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Looking at the total supply of BTC, I think 48K units aren't that much to greatly impact the overall market.
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Coinbase was closing down Pro to move people back to the main app and their pay platform coionbaseone. Maybe this is them cleaning hose as part of the consolidation?
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That explains it then.
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It surely is really suspicious and would very much affect the market if it falls in the wrong hands...let's just hope it's an in house inflow..if not..let's hope it wouldn't do much to crash the market ... really detailed post ❤️
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Yeah, it is more likely to be an in-house cleaning.
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Does this really suggest that we might see a bull run, transferring btc from open exchange to personal wallet doesn't indicate the upward movement in the chart
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It doesn't suggest a bull run
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