Coinbase exchange transferred over $627 million worth of Bitcoin (BTC) to two unknown wallets. The movements come as the price of BTC has been shrinking, falling to $26,986 on May 17, 2023.
The largest transaction, worth $316.3 million, was sent from a wallet address that has been dormant for over a year. The wallet address is believed to belong to a large Bitcoin mining operation.
The other transaction was sent from a variety of other wallets, including some that have been associated with previous large Bitcoin movements.
The sudden movements of such a large amount of Bitcoin have raised concerns among some analysts. Some believe that the movements could be a sign that whales are preparing to sell their BTC holdings. Others believe that the movements could be a sign that whales are simply moving their BTC to different wallets for security reasons.
It is still too early to say what the implications of the movements will be. However, the movements are a reminder that the Bitcoin market is still volatile and that whales can have a significant impact on the price of the cryptocurrency.