Gamza Khanzadaev
Mysterious quarter-billion dollar Bitcoin transfer hits Coinbase as BTC price readies for breakout
Just now, Whale Alert reported that 3,508 BTC worth $249.18 million was transferred to Coinbase, the largest crypto exchange in the United States. The sender’s address, identified as “bc1qcl95,” is linked to Coinbase Prime Custody, which handles the funds of institutional clients. This address had been active for just six days, receiving 19,183 BTC from another exchange-based address during this period.
The transfer history of this address reveals multiple transfers between unknown addresses over recent months. It may be suggested that such large transfers could signal that some major player is preparing to sell assets, as moving a major amount of Bitcoin to a highly liquid platform like Coinbase is often a precursor to sales.
Despite the magnitude of this transfer, the price of the cryptocurrency has remained stable, continuing to trade above $71,000. This price level is just 3.8% below BTC’s all-time high, reflecting market confidence and that interest from both institutional and retail investors is indeed present.
Meanwhile, Bloomberg reports that the short-term, 30-day correlation between Bitcoin and the Nasdaq 100 Index of U.S. technology stocks is around the highest since early 2023. This suggests that further gains in the equity gauge may be accompanied by a move higher in the crypto market leader.
Mike Novogratz, the chief executive officer of Galaxy Digital, mentioned on Bloomberg Television that a more positive U.S. political environment for digital assets will likely help propel the Bitcoin price to a record $100,000 or even higher by the end of the year.
