$738,863,880 BTC Exit Coinbase to New Whale Wallet, What’s Happening?

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Oh, look! A whopping 8,022 BTC (worth a mind-blowing $738.86 million) just packed its bags and left Coinbase, triggering a frenzy in the crypto world. 🤑💸

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 8,022 #BTC (738,863,880 USD) transferred from #Coinbase to unknown new wallet

— Whale Alert (@whale_alert) February 25, 2025

So, who’s the mysterious person (or entity) behind this unknown wallet? Who knows! But the fact that it’s a brand-new wallet gives us just the right amount of drama for a juicy crypto mystery. Is a new whale lurking in the shadows? 🐋 Or is it just a casual fund shuffle? The possibilities are endless, and the suspense is killing us. 🕵️‍♀️

Meanwhile, crypto sleuths are having a field day trying to decode this move. Some are speculating this might be a whale on the prowl, or maybe it’s an institutional power play. Or… maybe it’s just a little spring cleaning of funds. 🌱🧹

Either way, something’s definitely stirring in the crypto waters. But hey, the reason behind the move is still as unclear as my Wi-Fi connection when I really need it. 😅

And just to keep the drama going, this major BTC shift is happening during a bigger-than-life sell-off in the market, which has caused a whopping $1.52 billion in liquidations. It’s like the crypto version of a reality show meltdown. 💥

Bitcoin? Oh, it decided to have a mini existential crisis and dropped to a three-month low of $86,869. Who’s surprised? Not me. I’m just waiting for the next big catalyst to give this market some direction… or at least a little bit of a pep talk. 🗣️💔

What to watch next?

As of now, Bitcoin’s trying to dust itself off with an 8% drop in the last 24 hours, sitting at $87,143. Hold onto your seats, folks, because this could get wild! 😬

According to Glassnode, this drop has sent Bitcoin crashing below its short-term holder cost basis of $92,500, a level that’s usually the crossroads between bull and bear territory. Gotta love those critical moments, huh? 🤯

And get this: the short-term holder MVRV is at 0.96, meaning those short-term holders are in the red—taking a sweet 4% paper loss. If Bitcoin can’t pull itself together and get back to that cost basis, we might be in for even more sell pressure. Not exactly the vacation we were hoping for. 🏝️

Glassnode also has its eye on the $71,000 to $72,000 level, calling it a “critical zone.” Fun fact: this range is where Bitcoin has historically gone on a rollercoaster ride after post-ATH corrections. I don’t know about you, but I’m here for the ride (from a safe distance). 🎢

BTC’s cost basis distribution shows that the last big “buy me now” zone is around $89,000-$87,000. Below that? Uh-oh, things get a little lonely. There’s barely anyone left with a cost base until $71,000, which could give bears more room to take control. 🐻🦁

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2025-02-25 19:09