The Bitcoin HODlers are showing great resilience under the pretext that the market keeps depreciating in the ongoing week. In the span of the last 42-66 hours, there has been massive movement seen on the retail wallets on all major crypto exchanges. According to reports, a sizable amount of Bitcoin from individual investors that have 1K or a lesser amount of Bitcoin has become active and started to liquidate. However, until today no big transactions were registered.
Today Bitcoin followers witnessed a huge number of Bitcoin movements amounting to 30,000 in total. This movement has stirred the entire market with speculations and discussions. The data provided by CryptoQuant points to a digital wallet that could belong to the crypto exchange giant Coinbase. The timing of this major movement is very important and could prove to have a substantial impact on the pricing of the flagship cryptocurrency.
Bitcoin Disappearing from Track Exchanges
The massive 30,000 withdrawal of Bitcoin from the active market was not done all at once. The cycle started to appear when the first installment of 14,000 Bitcoins was retracted from different Track exchanges. Exchanges like Binance and Bitfinex lost 1000 Bitcoin in a singular setting. From that point onward, the retraction continued and finally reached a huge number of 30K in total.
Another massive transaction of 12,000 BTC soon followed suit; this time, the reporters were able to follow the thread. This massive transaction was traced back to a crypto wallet that has been active since March 2018. This cold wallet had been getting credited with BTC from 2000 to higher in the course of the last two years. The tracking address reveals it to be a 1MMdVU address that links it to an exchange and, more precisely, Coinbase.
Mysterious Institutional Investors Acquiring Bitcoin in Bulk
The total amount of BTC moved through this Coinbase cold wallet has reached a total of 30,000. The value of this amount is equivalent to roughly $500 million. The current reserves of BTC available for trade on Coinbase have reduced to 2.3 million. These facts ascertain and confirm the involvement of Coinbase behind these massive Bitcoin movements. It could be the case that Coinbase has only moved packets instead of their entire holdings.
Many are speculating a high probability of a dip. In which case, the dip may have been bought for a big amount by a major player. Coinbase analytics have shown the presence of several thousand institutional investors on the platform. The total purchase would require half a billion investment capital that is most likely to be made from a corporate account. The whereabouts of the 30,000 BTC are unknown at the moment.