$700M Bitcoin Leaves Coinbase

Close to 19,000 Bitcoins (CRYPTO: BTC) worth $703 million were moved off cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN).

What Happened: According to data from blockchain wallet tracker Whale Alert, anonymous whales moved the $700 million worth of BTC into cold wallets on the last day.

Whales were observed moving their BTC through a series of four transactions — the largest ones being 8,000 BTC and 7,794 BTC, worth $300 million and $293 million, respectively.

8,000 #BTC (300,543,330 USD) transferred from #Coinbase to unknown wallethttps://t.co/BKvz0dcEG1

— Whale Alert (@whale_alert) May 3, 2022

7,794 #BTC (293,180,231 USD) transferred from #Coinbase to unknown wallethttps://t.co/omfaJKoCLy

— Whale Alert (@whale_alert) May 3, 2022

It is worth noting that these large transfers were made to the same cold wallet. The individual who controls the wallet now owns 19,244 BTC worth $765 million.

Significant outflows were also observed in other parts of the crypto market. On May 3, Ethereum (CRYPTO: ETH) outflows from Coinbase hit a new record while ETH balances on crypto exchanges fell to a three-year low.

$ETH Coinbase Outflow hits an all-time-high

Live Chart https://t.co/PiITw2ZFf3 pic.twitter.com/tlFQndUhvQ

— CryptoQuant.com (@cryptoquant_com) May 4, 2022

Whales typically move assets off exchanges and into cold wallets for the purpose of longer-term holding. Market participants often interpret such transfers as a sign of lowered sell pressure.

Price Action: : According to data from Benzinga Pro, BTC was trading at $39,700, up 4.45% over 24 hours. ETH was trading at $2,900, up 5.46% over the same period.