Traders are tracking several massive Bitcoin transfers from crypto whales to leading US-based exchange Coinbase.
A whale just 2,000 BTC worth about $85 million to COINBASE in a transaction first spotted by the blockchain data tracker Whale Alert.
The transaction came hours after a separate whale 564 BTC worth $23 million to the exchange, and after a third whale 1,045 BTC worth $44 million to Coinbase.
The big movements are part of an overall spike in crypto being sent to exchanges, according to crypto analytics company Santiment.
According to the firm, altcoins are moving to exchanges “in rapid fashion” over the last day in reaction to the recent market rally.
?? Coins are moving on to exchanges in rapid fashion as a reaction to this pump. Here is a leaderboard of percent coins moved compared to normal: – 868,000% inflow – 11,000% – 6,000% – 4,000% – 3,000% – 3,000%https://t.co/VxHn9Hbsswpic.twitter.com/7Hr7XwYSKB
— Santiment (@santimentfeed) March 22, 2022
As for Bitcoin, the overall trend in 2022 has been BTC leaving crypto exchanges.
Santiment’s data shows there’s now approximately 300,000 fewer BTC on exchanges than there was at the start of the year.
