Yesterday, 26,000 bitcoins (BTC) with a total value of around $800 million were withdrawn from Coinbase, according to data provided by Glassnode.
This is the largest bitcoin withdrawal from an exchange so far this year and the largest since December 2022.
When 1 whale withdrew 26,000 bitcoins from Coinbase, this transaction represents the largest bitcoin withdrawal in history since December 2022.
Yesterday, 26,000 bitcoins (BTC) with a total value of around $800 million were withdrawn from Coinbase, according to data provided by Glassnode. This is the largest BTC withdrawal from an exchange so far this year and the largest since December 2022. A previous investigation by Santiment found that the amount of bitcoin stored on exchanges has fallen to its lowest level since December 2017 when it was 5.84%. This was the case.
It's possible that the failure of FTX, which at the time was one of the most successful exchanges in the market, played a significant role in this phenomenon. As a result, many users have lost faith in exchanges. In the event that the US defaults on its obligations, this top-tier token could very well be among the top three assets.
Yesterday, Bitcoin (BTC) rose to $27,500 after hitting a two-month low of $25,800; however, BTC witnessed a modest pullback earlier in the day. The price of Bitcoin has been volatile in recent days. Today, according to statistics provided by Binance, the price of one BTC is currently $27,080 and has decreased 1% over the past twenty-four hours.
It's worth noting that these large-scale movements of Bitcoin are not uncommon and often occur without causing a major ripple in the market. However, the size of this particular withdrawal has generated a lot of discussion in the cryptocurrency community.
Despite the uncertainty surrounding the identity and motives of the whale, the incident serves as a reminder of the volatility and unpredictability of the cryptocurrency market. As always, investors are advised to exercise caution and be prepared for sudden changes in value that can have significant consequences for their portfolios.
