$1 Billion in Bitcoin Just Moved from Coinbase — Are Whales Making Massive Purchases?

A significant Bitcoin whale has just transferred $1.06 billion worth of Bitcoin from its Coinbase account. The notable transaction occurred as the price of the leading digital currency fell below $67k recently, marking a -4.31% change over the past day.

According to data from on-chain analysts, the whale moved the BTC in two large batches from its Coinbase wallet. The initial transaction involved approximately 7,999.999 BTC (rounded to 8,000 BTC) worth $536 million, followed by a similar transfer of another 8,000 BTC.

Are Bitcoin Whales on a Buying Spree?

These transactions indicate that large Bitcoin whales are currently on a buying spree. However, many are holding off on making further aggressive purchases in the cryptocurrency market.

Yesterday was somewhat bearish for Bitcoin Exchange-Traded Funds (ETFs), and today’s data has yet to be fully reported. We can’t anticipate significant purchases by the ETFs due to the price drop, but a few might go against expectations. Overall, ETFs don’t seem to be buying this dip, while crypto whales are taking the spotlight. They often lead the market in acquiring BTC at relatively lower prices.

Miners Selling Bitcoin Triggers Price Drop

Bitcoin dipped below $67k recently, posting its first significant loss in the last few weeks. The largest cryptocurrency by market capitalization was approaching the $70k mark, but short-term selling pressure affected the market, leading to a notable day for the bears. Here’s the price movement over the past 24 hours:

Marathon Digital, the largest Bitcoin mining company globally, conducted the major sale. It sold 1,000 BTC worth around $67 million, causing some short-term panic in the market. However, once it was understood that Marathon Digital was behind the sale, fears subsided since mining companies periodically need to sell their BTC to cover electricity and maintenance costs, which seems to be the case here.

What’s Next

Bitcoin is at another crucial point, with major buyers looking to capitalize on the declining price index. Larger purchases are expected as the index approaches the long-term $60k support level.