$150 Million Bitcoin Transfer Stuns Major US Exchange

U.Today - As the cryptocurrency market sees mixed price actions among top crypto assets, the renowned blockchain tracking platform, Whale Alert, has spotted a massive crypto transfer carrying more than one hundred million dollars’ worth of Bitcoin.

On May 27, the tracker revealed that the leading U.S.-based crypto exchange, Coinbase (NASDAQ:COIN), has received a large Bitcoin transfer involving 1,588 BTC worth over $150 million.

According to the data provided, the massive Bitcoin transfers were made in two separate consecutive transactions and completed in less than an hour.

Each of the transfers was made from anonymous wallets. The first transaction involved 910 BTC and the second 678 BTC, valued at $100,220,361 and $74,686,024, respectively.

Bitcoin selling pressure ahead?

This move has triggered concerns among investors, as large amounts of BTC flowing into exchanges from self-custodial wallets have often been traced to selling activities among high-profile investors or institutions.

However, since the reason behind the Bitcoin transfer was not clarified, there are chances that the transfers could be attempts among whales to rebalance their portfolios.

Over the past hours, the price of Bitcoin has moved in an upside trajectory, suggesting that there were no negative impacts induced by pressures from the large transfers.

Data from CoinMarketCap shows that Bitcoin has increased decently by 1.06% over the last day. As such, the asset is trading at $110,194 as of press time.

This shows a decent 1.59% decrease from the all-time high of $111,970 it achieved five days ago. This continued surge in Bitcoin’s price is largely attributable to consistent inflows and rising demand experienced by Bitcoin ETFs.

Earlier, U.Today reported a staggering 7,869 BTC flowing into spot Bitcoin ETFs in just one day.

This content was originally published on U.Today