On May 22, Coinbase, the leading US-based Crypto Exchange Coinbase, received massive transfers from multiple unknown whales, including a total of 6,016 BTC, according to recent data from Whale Alert, an on-chain tracking platform.
According to data sources, large-scale Bitcoin transfers worth more than $670 million were performed consecutively in 13 separate identical transactions.
In 13 transactions, transfers were seen made with the same amount, with different unknown wallets sending 463 BTC to Coinbase 11 times. The remaining two transfers included 462 BTC and 461 BTC, bringing the total Bitcoin inflow to 6,016 BTC in just a few hours.
The tracker was unable to identify the sender’s address, but it became clear that the transaction was created from a separate, unknown account.
Do you throw away whales on Bitcoin pizza day?
The move sparked debate among the crypto community as major Cryptocurrency set new records and major Bitcoin Bull Runs recorded a new all-time high.
This timing coincides with the legendary Bitcoin Pizza Day, which has attracted the attention of market participants, with enthusiasts speculating about the motivation behind the transfer.
Although the transfers were consistent in size and occurred in a quick order, there is a suggestion that they could be coordinated activities from a single institution trying to throw away the Bitcoin Stash.
In many cases, large transfers to very liquid platforms like Coinbase are associated with major players preparing to sell their assets to earn profits after collecting profits from the surge in Bitcoin.
Such a move often has a negative impact on Bitcoin prices, but cryptocurrencies remain bullish and have been trading in the green zone since yesterday. The reasons behind the massive Bitcoin transfers remain uncertain, but have not directly affected the price of the asset.
Bitcoin surged 4.56% on the last day, data provided by CoinMarketCap. Today we reached our new highest high of $111,915, but the coin is trading at $111,538 as of press time.
Market participants hope that Bitcoin prices will remain bullish in the long term, but repeated dumping activities from whales could slow the likelihood of continuing to rise.
