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U.Today - On May 22, leading U.S.-based crypto exchange Coinbase (NASDAQ:COIN) received large transfers involving a total of 6,016 BTC from multiple unknown whales, according to recent data from on-chain tracking platform Whale Alert.
According to the data source, the massive Bitcoin transfers, worth more than $670 million, were executed consecutively in 13 separate, identical transactions.
The 13 transactions saw transfers made in identical amounts, with different unknown wallets sending 463 BTC to Coinbase 11 times. The remaining two transfers involved 462 BTC and 461 BTC, bringing the total Bitcoin inflow to 6,016 BTC in just a few hours.
Although the tracker could not identify the sender’s address, it revealed that the transactions were made from separate unknown accounts.
Whales dump on Bitcoin Pizza Day?
With the large BTC transfers coming during a major Bitcoin bull run that saw the leading cryptocurrency set new records and hit a new all-time high, the move has sparked discussions among the crypto community.The timing has caught the attention of market participants as it coincides with the legendary Bitcoin Pizza Day, causing enthusiasts to speculate about the motive behind the transfer.
While the transfers were consistent in size and happened in rapid sequence, there are suggestions that it might be a coordinated activity from a single institution attempting to dump its Bitcoin stash.
Oftentimes, large transfers to a highly liquid platform like Coinbase have been associated with major players preparing to sell off their assets to take profits after amassing gains from Bitcoin’s upsurge.
While movements like this often negatively influence Bitcoin’s price, the cryptocurrency has remained bullish, trading in the green zone since yesterday. Although the reason behind the massive Bitcoin transfers remains uncertain, it has not directly impacted the asset’s price.
Over the last day, Bitcoin has surged by 4.56%, according to data provided by CoinMarketCap. While it achieved a new high of $111,915 today, the coin is trading at $111,538 as of press time.
Although market participants expect Bitcoin’s price to remain bullish in the long run, recurring dump activities from whales could slow down its potential to continue rising.