- “Whales” withdrew more than 18,000 BTC from Coinbase in the last 24 hours.
- The funds were distributed among several new wallets, CryptoQuant said.
- Following the large outflow, Coinbase’s order book contains about 394,000 BTC.
On February 19, 2024, the cryptocurrency exchange Coinbase saw a massive movement of bitcoins. CryptoQuant analysts reported the withdrawal of more than 18,000 BTC worth nearly $1 billion.
Whales Withdraw Almost $1 Billion in Bitcoin From Coinbase
“This substantial withdrawal of #Bitcoin from Coinbase resulted in the funds being distributed across several new wallets, with values ranging between $45 million and $171 million.” – By @caueconomy
Link 👇… pic.twitter.com/EEEBSbX99L
- CryptoQuant.com (@cryptoquant_com) February 19, 2024
The funds were reportedly distributed to several new wallets. Each address received between $45 million and $171 million in bitcoins, experts said.
According to CryptoQuant, following the large outflow, Coinbase’s order book contains about 394,000 BTC at a valuation of more than $20.5 billion at the time of writing.
The exact reasons for the transfer are not yet known. Presumably, the bitcoins were withdrawn to further provide liquidity in the OTC market or self-storage.
In February, open interest in bitcoin futures reached its highest level since November 2021. We also reported that analytics platform Arkham discovered MicroStrategy wallets with $9.7 billion worth of bitcoins.
