Whales Send $152M Bitcoin To Coinbase In Series Of Rapid Transfers

A series of high-value Bitcoin BTC/USD transfers to cryptocurrency exchange Coinbase Global Inc COIN on Thursday.

What Happened: According to data from blockchain wallet tracker Whale Alert, 2,000 BTC worth $85.6 million was sent to Coinbase from an unknown wallet.

The transaction was followed by two more whale transfers of 1,045 BTC, worth $44 million, and 564 BTC, worth $23.7 million.

Why It Matters: Blockchain analytics firm Santiment observed that coins were moving to exchanges in “rapid fashion” as a result of a market-wide pump on Thursday.

Altcoins in particular saw a large number of inflows to exchanges, with some tokens recording exchange inflows increasing more than 10,000%.

When market participants move coins to exchanges, it is usually used as collateral when trading with leverage or transferred on-chain for the purpose of selling.

Since Coinbase doesn’t offer leverage trading on its platform, market participants speculated that the BTC transfers were for the purpose of profit-taking.

See Also: Bitcoin Whale Just Transferred $31M BTC From Gemini To Binance

Price Action: According to data from Benzinga Pro, Bitcoin traded at $43,997, up 2.6% in the last 24 hours at the time of writing on Friday. Ethereum ETH/USD was trading at $3,119, up 0.29% over the same period.