Mysterious $483 Million Bitcoin Transfer Hits Major US Exchange

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Today, within the cryptocurrency community, there’s been a lot of buzz about a large Bitcoin transaction worth $483 million. According to Whale Alert data, this transfer was made by an anonymous entity using the address “1Eob1.” The recipient of these 7,690 BTC was Coinbase, the leading cryptocurrency exchange in the US. Notably, the Bitcoin was sent to Coinbase Institutional, a division specifically catering to institutional investors.

This transaction is unique due to the recent appearance of the sender’s address. The address “1Eob1” joined the cryptocurrency world only two days ago and quickly made headlines with a large withdrawal of $59.97 million in BTC from Coinbase Prime. Since then, this address has been actively draining Coinbase’s reserves until today, when it sent back a substantial transfer to the exchange, leaving it empty.

Approximately 7,690 bitcoins worth around 483 million USD were moved from an unidentified digital wallet to Coinbase Institutional.

— Whale Alert (@whale_alert) April 16, 2024

Over the last four days, Bitcoin’s value has remained steady at around $63,300 after a significant 13.2% drop and subsequent partial recovery. This period has seen a large influx of $322 million in Bitcoin transfers onto Coinbase Institutional, as reported by U.Today. These transactions add to the intrigue surrounding recent market activity.

There are various theories as to why this Bitcoin transfer occurred. Some believe it was the exchange making adjustments to its Bitcoin holdings internally. Alternatively, it could have been a large investor taking advantage of recent Bitcoin price changes to make a strategic move.

Mysterious $483 Million Bitcoin Transfer Hits Major US Exchange

Keeping a close eye on the cryptocurrency market, there’s much intrigue surrounding the moves of this elusive Bitcoin figure.

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2024-04-16 14:17