An anonymous whale just moved $248.6 million in Bitcoin, totaling around 6286, from Coinbase to an unknown wallet.
Popular whale tracker alert team Whale alert tweeted about an unknown transaction involving more than $248.6 million in BTC transferred between the US-established Coinbase and an unknown wallet.
The whale tracking team always follows the trail of unusual and different transactions from different exchanges and wallets. The whereabouts and details of the wallet to which the BTC was transferred are still unknown.
High volumes of Bitcoin on the move from exchanges
Whale alert also tracked another huge transaction involving 6,018 BTC from Coinbase to an unknown wallet on April 21. The whales withdrew a whopping 6,018 and 1,813 BTC combined.
Last week, the amount of BTC held on exchanges plummeted by 20,000 BTC to 2,449,785 BTC. The balance has been the lowest held in the exchanges since August 2018.
The high outflow of bitcoin from the exchanges means a potential opportunity for a bitcoin rally.
Reports from glassnode show that bitcoin held on Coinbase has dropped by 3,755,000, approximately 36.6% from its all-time high in April 2020.
BTC trades below $40k
The bitcoin market has started to display its weakness as the BTC price has started trading below $40k. The week has seen a march to a peak of $41, 446 and a low of $38,729.
The bitcoin market conditions are tightly correlated to global market conditions and traditional assets like equities and bonds. But the present market conditions don’t seem to affect the investors who acquired bitcoin at $40k and above, as the majority of them are long-term holders.
But as compared to the 2018 and 2020 bear markets, the current market profitability is much better this year. At the time of writing, bitcoin was trading at $39,405.86.