TL;DR Breakdown
- MicroStrategy is suspected to be the whale behind the 13,204 BTC moved from Coinbase to an unknown wallet.
- These cryptos are now worth lower than the value during the transactions amid the recent drop in BTC price.
Some hours ago, several whale transactions were spotted on Coinbase wherein thousands of Bitcoin (BTC) were moved from the US-based cryptocurrency exchange to an unknown wallet. Moving to an unknown wallet suggests the BTC whale wants to HODL, and many people think MicroStrategy, the publicly-listed business intelligence company, was behind the transaction.
This is due to the fact the transfers coincide with MicroStrategy’s plan to acquire more Bitcoin. Notably, the company sold about $1.05 billion worth of convertible notes last week to raise its Bitcoin holding, and Coinbase was the same exchange that facilitated its first Bitcoin purchase last year.
Over 13,204 BTC moved from Coinbase
Whale Alert, a large crypto transaction tracking bot, reported the development. The whale moved a total of 13,204 Bitcoin from the cryptocurrency exchange to an unknown wallet between the hours of 4 and 5 PM UTC. The transaction was completed in about 36 different batches, all of which contained not less than 350 BTC. During the time of the transactions were worth more than $1 billion.
However, at the time of writing, the cryptocurrency has dropped to $52,780 on Coinmarketcap. Hence, 13,204 Bitcoin will be worth about $696.9 million. Bitcoin has been seeing a gradual decline in value since the start of Monday, and some people like the CIO at Altana Digital Currency Fund, Alistair Milne, thinks that the BTC moved from Coinbase – which he attributed to MicroStrategy – was part of the reason.
He also blamed the increased funding rates in the futures market, calling the support level for the cryptocurrency to be $48,000.
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