$700M Bitcoin Leaves Coinbase

Close to 19,000 Bitcoins BTC/USD worth $703 million were moved off cryptocurrency exchange Coinbase Global Inc 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.

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 ETH/USD outflows from Coinbase hit a new record while ETH balances on crypto exchanges fell to a three-year low.

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.