Nearly $500 Million Bitcoin Withdrawal Stuns Major US Exchange

U.Today - In an eye-catching move, nearly half a billion dollars worth of Bitcoin (BTC) left leading U.S. crypto exchange Coinbase (NASDAQ:COIN ) today, to an unknown destination.

As confirmed by Whale Alert, 7,999 BTC, equivalent to around $472.8 million, were withdrawn from the exchange's cold wallet and sent in multiple transactions to an address with the code "13F8P8."

However, this was not the final destination, as this colossal amount of cryptocurrency was then sent to 50 other unknown addresses in exact portions of 157 BTC, or $9.27 million in current prices.

What is behind the activity remains unknown, but one thing is for sure: it is remarkable. Who knows, maybe it is one of the Bitcoin ETF issuers like BlackRock (NYSE:BLK ), which continues to accumulate cryptocurrency despite all the recent drawdowns and roller coaster price action.

Bitcoin (BTC) price outlookWhat is more, the price of Bitcoin fell below the critical $60,000 level in the last 24 hours, which may seem like a discount to some market participants. The reason behind the fall can be named as a disappointment from Nvidia (NASDAQ:NVDA )'s quarterly report, which resulted in a dump of the major tech stock.

As a result, the cryptocurrency itself, as a beta to tech stocks, also fell.

Currently, Bitcoin is trading at $59,500, and the question on everyone's mind is whether it will make a new low. The odds of this happening seem equal, as the lower high is already in, but the previous low was at $49,000 and was a painful one.

Will the market ever provide such an opportunity again? Or will the whales, like the recent half a billion dollar buy, not let it happen? These are the questions that need to be answered in the near future.

Source: Investing.com