Half a Billion Dollars in Bitcoin on Coinbase
Half a billion dollars in Bitcoin has suddenly been deposited onto a major exchange in the United States.
In the past few hours, a significantly large transfer of the cryptocurrency Bitcoin to one of the main exchanges in the United States has come to light. The transaction amount totaled 7,481 BTC, equivalent to $497.14 million, and was unexpectedly deposited into the hot wallet of Coinbase International. The information about the transfer comes from Whale Alert, a platform tracking large cryptocurrency transactions, and the operation originated from a wallet with an undisclosed identity marked as "12BKk".
This substantial influx of Bitcoins has sparked cautious reactions in the cryptocurrency community. Historically, transfers of such magnitude to exchanges often suggest that large holders, known as "whales", may be aiming to sell off their assets.
It's worth noting the timing of the transfer, as it occurred amid the recent volatility in Bitcoin's price. Earlier this week, the cryptocurrency experienced a significant drop from $71,300 to $64,500, marking a 9.6% decrease over two days. Prior to the transfer, the price of Bitcoin had risen by 3.2%, surpassing the $66,000 mark.
