United

Prime

Galaxy

Bitcoin

Million

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Just now,&nbsp;<a href="https://x.com/whale_alert/status/1798704515178504276" rel="noopener noreferrer nofollow">Whale Alert</a> reported that 3,508 BTC worth $249.18 million was transferred to Coinbase, the largest crypto exchange in the United States. The sender's address, identified as “bc1qcl95," is linked to Coinbase Prime Custody, which handles the funds of institutional clients. This address had been active for just six days, receiving 19,183&nbsp;<a href="https://u.today/coinbase-sees-500-million-bitcoin-outflows-as-spot-etfs-surge" rel="noopener noreferrer nofollow">BTC</a> from another exchange-based address during this period.
The transfer history of this address reveals multiple transfers between unknown addresses over recent months. It may be&nbsp; suggested that such large transfers could signal that some major player is preparing to sell assets, as moving a major amount of&nbsp;<a href="https://u.today/eth-heading-to-zero-against-bitcoin-max-keiser-gives-key-reasons" rel="noopener noreferrer nofollow">Bitcoin</a> to a highly liquid platform like Coinbase is often a precursor to sales.
<blockquote>
 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 3,508 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> (249,177,068 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Coinbase</a><a href="https://t.co/NGPcFX6yMG" rel="noopener noreferrer nofollow">https://t.co/NGPcFX6yMG</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1798704515178504276?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 6, 2024</a>
</blockquote>
Despite the magnitude of this transfer, the price of the cryptocurrency has remained stable, continuing to trade above $71,000. This price level is just 3.8% below BTC's all-time high, reflecting market confidence and that interest from both institutional and retail investors is indeed present. <img alt="&quot;&quot;" src="https://u.today/sites/default/files/inline-images/btc_571.png">BTC to USD by <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer">CoinMarketCap</a>
Meanwhile, Bloomberg reports that the short-term, 30-day correlation between Bitcoin and the Nasdaq 100 Index of U.S. technology stocks is around the highest since early 2023. This suggests that further gains in the equity gauge may be accompanied by a move higher in the crypto market leader.
Mike Novogratz, the chief executive officer of Galaxy Digital, mentioned on Bloomberg Television that a more positive U.S. political environment for digital assets will likely help propel the&nbsp;<a href="https://u.today/bitcoin-btc-price-predicted-to-reach-100000-by-mike-novogratz" rel="noopener noreferrer nofollow">Bitcoin price</a> to a record $100,000 or even higher by the end of the year.

Mysterious $250 Million Bitcoin Transfer Stuns Major US Exchange

U.Today

Other articles published on Jun 6, 2024

Join our free newsletter for daily crypto updates!