Bitcoin

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 <p>Over $120 million worth of Bitcoin was transferred across major exchanges in a flurry of large transactions on Tuesday.</p>
 <p>Blockchain tracker Whale Alert picked up 2,818 BTC worth $75.8 million sent to Coinbase. Soon after, 1,630 BTC valued at $43.82 million were withdrawn from Bybit.</p>
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    <p lang="en" dir="ltr">🚨 🚨 1,630 #BTC (43,816,134 USD) transferred from #Bybit to unknown wallethttps://t.co/uXn2wys3bP</p>
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    </div> — Whale Alert (@whale_alert) October 15, 2023
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 <h2 class="wp-block-heading" id="h-coinbase-transaction-hints-at-internal-transfer">Coinbase transaction hints at internal transfer</h2>
 <p>On-chain <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> hints that the Coinbase transfer may have involved internal operations. The sender wallet pulled the same BTC amount from Coinbase days earlier, suggesting optimization of exchange reserves.</p>
 <p>The Bybit withdrawal originated from its known cold wallet holding over 34,000 BTC worth nearly $1 billion. Exchanges shuffle funds between hot and cold storage for security.</p>
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 <p><strong>Also read: Latin America Favors Centralized Exchanges Over DeFi: Report</strong></p>
 <p>While eye-popping, the back-and-forth transfers between centralized exchange coffers seem to reflect institutional crypto players maneuvering digital assets.</p>
 <p>Major exchanges regularly enact large shuffles between company wallets as part of standard procedures. But all big transactions bear watching in case they presage increased selling activity.</p>
 <p>For now, the giant yet relatively routine Bitcoin reallocations highlight the massive scale of holdings concentrated across centralized trading platforms. Their recurring transfers exemplify crypto’s evolution into a new asset class, questioning traditional notions of what constitutes a whale.</p>
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<div class="cs-entry__tags">
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  <li>bitcoin</li>
  <li>btc</li>
  <li>COINBASE</li>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/coinbase-bybit-see-big-bitcoin-transactions-totaling-120m-tbt66438.html">https://thebittimes.com/coinbase-bybit-see-big-bitcoin-transactions-totaling-120m-tbt66438.html</a></p>

Coinbase, Bybit See Big Bitcoin Transactions Totaling $120M

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TheBitTimes

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