Whale moves $101m worth of Bitcoin to Coinbase

The sender paid only 0.0108 BTC in transaction fees (around $120) to send >$100 million.
Whales moved 32,006 bitcoins over the last 24 hours with 11,041 BTC sent from unknown wallets.

Rajarshi Mitra Independent Analyst

A Bitcoin bull moved 8,884 BTC (worth $101,530,110 at the time) from an unknown wallet to the US-based crypto exchange Coinbase. The intriguing thing is that the wallet address had been mostly inactive for nearly a year. The last significant transaction that the wallet made was back on July 30, 2018, roughly worth $529,099. Bitcoin has been on an uptrend, so this hasn’t hurt its value yet. An interesting thing to note is that the sender paid only 0.0108 BTC in transaction fees (around $120) to send >$100 million. Overall, whales have moved a total of 32,006 Bitcoin worth roughly $364 million at time of transfer, with 11,041 BTC sent from unknown wallets to crypto exchanges.

A little over a month ago there was a sell order worth 3,645 BTC on Bitstamp worth $26 million at that time. As a result, Bitcoin’s price dropped from $7,749 to $7,179 in less than 30 minutes, with Bitcoin’s 24-hour decline being 8.7%. According to Bitstamp’s price chart, a low of around $6,000 was recorded, which triggered a massive sell-off on all other exchanges. Bitcoin managed to recover from the drop. Currently, Bitcoin is trading at its highest levels since January 2018.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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