Whales Move $1,555,911,187 to Coinbase as Bitcoin Reclaims $70k: Dump Incoming?

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Whales Move Over $1.5B to Coinbase as Bitcoin Reclaims $70K
  • Whales moved over $1.5 billion in BTC, ETH, and USDC to Coinbase platforms.
  • The transactions come amid BTC reclaiming $70k within the last 24 hours.
  • The movement to exchanges has sparked concerns about potential market dumps.

The crypto community has witnessed a startling movement of crypto funds by prominent entities to liquid centralized trading platforms within the last 24 hours. Influential investor tracker Whale Alert has documented these movements in numerous posts on X.

According to the report, Coinbase has been the leading beneficiary of the funds moving from “unknown wallets” to exchanges. Coinbase’s platform dedicated to institutional investors took a store of 22,731 Ethereum tokens worth $78,444,544 on Monday morning. The last time a similar transaction occurred was two days ago.

Meanwhile, within the same hour, Coinbase Institutional received $75,887,800 in USDC stablecoin from an unknown wallet. A few hours later, the Coinbase exchange received $72,735,609 in Bitcoin from another unknown wallet.

At press time, Whale Alert has documented 17 multimillion-dollar transactions related to Coinbase, mainly involving Bitcoin, Ethereum, and USDC stablecoin. The most recent transaction occurred five hours ago. It involved 150,000 ETH tokens worth a staggering $541,723,713 transferred from an unknown wallet to Coinbase.

Cumulatively, Coinbase platforms have received at least $1,555,911,187 within the last 24 hours. Meanwhile, the recorded outflows of crypto whales from Coinbase platforms were below $400 million.

At the same time, the most prominent crypto trading platform, Binance, witnessed funds flowing from crypto whales. However, the transaction counts were fewer, and the figures were less comparable to those observed for Coinbase.

These developments have sparked concerns among crypto market participants, wondering the reason behind the sudden influx to liquid platforms. Some in the crypto space see an imminent dump on the crypto market. 

Notably, these whale transactions to exchanges come amid Bitcoin reclaiming the $70k threshold within the last 24 hours, boasting the price of other tokens. Over the past week, Bitcoin has undergone a severe price correction that crashed its price to around $60k.

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