One of the largest Bitcoin (CRYPTO: BTC) whales has transferred all of its Bitcoin holdings to Coinbase (NASDAQ: NASDAQ:COIN).
The third biggest Bitcoin whale has accumulated 207,000 Bitcoin since 2019. The whale’s wallet address has been moving its funds into Coinbase. In the last three days, the whale moved 132,881.88 Bitcoin to Coinbase, according to Crypto Potato.
The whale’s remaining 29,235.28 Bitcoin were transferred to Coinbase Thursday. The last few days have also seen Bitcoin reclaim price levels of $24,000.
Being the first bullish uptick in a month, this serves as Bitcoin’s first move above $24,000 since mid-June.
Despite this being a potential indicator for a large-scale dump, Ki Young Ju, an exec at CryptoQuant, said in a tweet that this transfer was not a private user’s transfer into Coinbase’s hot wallets with the endeavor of selling Bitcoin.
As uncertainty continues to loom over cryptocurrency markets, the action of whales must be tracked to understand what large-scale funds in this sector are doing, and to further study the implications on price levels.
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