$669 Million in Bitcoin Moved Between Coinbase and Unknown Addresses
More than half a billion USD of BTC has been slid between Coinbase exchange and various anonymous wallets
Popular crypto tracker Whale Alert has spread the word about more than half a billion USD worth of Bitcoin that has been cumulatively transferred between major US-based digital exchange Coinbase and several anonymous crypto addresses.
In addition, after 12.4 years, two dormant Bitcoin wallets have been activated with 100 BTC in them.
Whales withdraw $422.8 million, deposit $246.6 million in BTC
The aforementioned tracking service has reported that anonymous whales have conducted several transactions in the past 16 hours to deposit approximately $246 million worth of Bitcoin to Coinbase exchange and withdraw approximately $422 million to addresses tagged as “unknown” by Whale Alert.
Whales Anonymous deposited 5,678 BTC on Coinbase and withdrawn 9,736 BTC. That’s worth $246,629,608 and $422,892,896 respectively at the time of writing.
Separately, 4,100 Bitcoins worth $178,865,674 were moved from a Gemini address to Coinbase, which were later withdrawn from it to an unknown address.
At the time of writing, the global flagship digital currency is changing hands at $43,397, losing about 5% in the past 24 hours.
The price faced a decline after the Fed discussion that did not rule out another rate hike – by 50 basis points. In addition to Bitcoin losing 5% of its value, Nasdaq also collapsed 4.5%.
— Whale Alert (@whale_alert) Apr 6, 2022
Bitcoin Exchange Balance Drops to 2018 Lows
According to a Glassnode chart, current Bitcoin stocks across multiple digital exchanges hit the bottom of 2018 in the middle of “Crypto Winter” when BTC traded at about $7,200.
While the BTC price has fallen, some are holding onto their gains by moving BTC to exchanges, while “diamond” hands are buying more and moving their crypto to cold storage vaults.
Dormant Bitcoin Wallets Awaken After 12.4 Years
Whale Alert has also reported that two dormant crypto wallets had come to life after 12.4 years, actually since 2009, when the mysterious BTC author Satoshi Nakamoto was still more or less in public.
These two wallets each hold 50 BTC, approximately $2,165,186 per wallet at the current exchange rate.
One of the possible explanations here is that the owners of these wallets had managed to recover the passwords or seed phrases to wallets that they thought were lost.
Image via Twitter