Billions of Dollars Withdrawn From Coinbase

Whales just withdrew billions of dollars from Coinbase.

Today, 13,204 Bitcoins left Coinbase to unknown wallets. It is just over three-quarters of a billion dollars at the recent price. Whale Alert stated that 36 separate transactions have been made, each of them valued between 351 and 391 Bitcoins, between 4 to 5 PM UTC.

Last night, Whale Alert tweeted that 4,501 BTC had left Coinbase for an unknown wallet, indicating that in the past 24 hours, over a billion dollars worth of Bitcoin had been transferred out of Coinbase, although it is not known if the transactions were related.

What is happening?

It can be an over-the-counter desk reshuffling its wallets, a Bitcoin not-quite-billionaire moving the cash to cold storage, or a money-laundering scheme. It is hard to tell: the transferrer hid their privacy really well, generating a new address for every transaction.

Either way, this is not the first time that a large Coinbase movement has happened this month.

Last January 31, approximately 15,200 Bitcoins, worth around $500 million that time, were transferred out of Coinbase Pro. Back then, CryptoQuant CEO Ki Young said that he put it down to over-the-counter trades from institutional HODLers, adding;

“I believe this is the strongest bullish signal.”

A bull-run fueled by institutions

Those who have been following the crypto news in the past 24 hours will know that Bitcoin passed many milestones. First of all, Tesla disclosed that it had bought $1.5 billion in Bitcoin. Speculating that Tesla didn’t sell any of it, Elon Musk’s electric car company will have profited more from the purchase alone than from the combined sales of cars last year.

Another big part of interest came from asset management company BlackRock, whose CIO Rick Rieder revealed that the firm is investing some of its clients’ $8.67 trillion money pot into Bitcoin.

BlackRock is not the first asset management company that does it.  Guggenheim already has with its CIO this month upgrading his Bitcoin price projection to $600,000. And BNY Mellon, one of the oldest banks in America, announced last week that it will add crypto asset management services for its clients. And last but not the least, Michael Saylor announced that his company MicroStrategy will sell $1.05 billion in debt securities to acquire more Bitcoin.

The identities of the whales are still anonymous as of now.

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