Mysterious Bitcoin Whales Send $910 Million in BTC to Coinbase Institutional

Major cryptocurrency tracker Whale Alert has detected four mammoth-sized Bitcoin transfers going to Coinbase Institutional from anonymous cryptocurrency wallets.

In the meantime, 13 small BTC transfers have been made to withdraw 19,161 Bitcoin to unknown addresses, including several new Bitcoin wallets.

21,681 BTC deposited to Coinbase Institutional; 19,161 BTC withdrawn

The aforementioned blockchain sleuth spotted four astounding transfers, carrying 9,783, 1,100, 3,000 and 7,798 Bitcoin to Coinbase Institutional from unknown cryptocurrency wallets. The total worth of these transfers in fiat amounts to more than $909 million.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 9,783 #BTC (410,129,201 USD) transferred from unknown wallet to Coinbase Institutionalhttps://t.co/aNn6K2yypa

— Whale Alert (@whale_alert) January 26, 2024

Coinbase Institutional is a platform run by the Coinbase exchange, and it combines an advanced custody and trading platform with prime services provided by the aforementioned leading U.S. cryptocurrency exchange.

However, the Whale Alert tracking platform also registered 13 transactions that moved a total of 19,161 Bitcoin from this premium platform — chunks carrying between 1,200 and 1,479 BTC each to anonymous cryptocurrency wallets. Some of those wallets were tagged by Whale Alert as new ones.

Grayscale continues to sell BTC

Now as the global leading cryptocurrency Bitcoin is striving to hold above the $41,000 level and has been making moves showing high volatility, crypto whales are taking advantage of these ups and downs to make profitable trades.

Besides, Grayscale continues to sell Bitcoin, sending it out to centralized exchanges, and its customers continue to exit their Bitcoin Trust (GBTC). According to recent data presented by Chinese crypto blogger and journalist Colin Wu, on Thursday, Grayscale’s spot Bitcoin ETF faced an outflow of $671 million in BTC with a daily turnover totaling $656 million.

Grayscale Bitcoin spot ETF GBTC had a net outflow of US$671 million on January 26, with a single-day turnover of US$656 million, setting a record for this ETF’s largest single-day net outflow. Grayscale ETF’s cumulative net outflows have reached $5.46 billion, and it still holds…

— Wu Blockchain (@WuBlockchain) January 27, 2024

This was the biggest net outflow for this Bitcoin ETF made within a single day. By now, the overall outflows from Grayscale Bitcoin Trust have topped $5.46 billion worth of Bitcoin. The fund still holds a whopping $20 billion worth of Bitcoin.

Bitcoin price breaks above $42,000

On Friday, Bitcoin printed several green candlesticks to ascend above the $42,000 mark once again, showing a 5.67% rise. However, a slight decline of 1.56% followed, taking Bitcoin down.

Still, the flagship cryptocurrency is holding well above the $41,000 level, changing hands at $41,544 at the time of this writing.

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