A move of nearly half a billionworth of BTC has turned heads amongst crypto traders around the world.
A super wealthy Bitcoin whale just moved 14,892 BTC worth £353,002,965 off of the US-based crypto exchange Coinbase.
The transaction was initially noticed by the automated blockchain surveillance bot known as Whale Alert.
According to the latest block explorer data, the super whale sent this massive crypto trove in a mirage of transactions with values ranging from 375 BTC to less than 1 BTC to a secret single wallet. The transfer costs 0.01662714 BTC or about £410.
BitInfoCharts revealed that the super wealthy crypto whale first created the receiving wallet on December 1st, 2018. However, over time, the wallet received crazy amounts of BTC en-route to becoming the 51st richest address on record to date.
Young Ju who is the on-chain analyst and CEO of blockchain intelligence firm CryptoQuant Ki, says the BTC was moved from Coinbase to a crypto custodial platform which is a secure crypto wallet.
“Massive Coinbase outflows. 15k BTC at $32,400. Looking at the transaction, it went to custody wallets that only have in-going transactions. It’s likely to be OTC (over the counter) deals from institutional investors. I believe this is the strongest bullish signal.”
Ki Young Ju then cites a thread to explain why he considered the large BTC outflows from exchanges as a bullish indicator meaning, he wanted his huge stash of BTC to be safe.
“Otherwise, transaction volumes are coming from non-exchange wallets. Since the price is eventually determined on exchanges, massive non-exchange transaction volume is considered as a bullish signal. These transactions include OTC deals.”