Large holders have withdrawn nearly $1 billion in bitcoins from Coinbase

The exchange’s public order book now has about 394 000 bitcoins worth more than $20,5 billion

20.02.2024 - 08:30

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2 min

What’s new? On February 19, more than 18 000 BTC, equivalent to nearly $1 billion, was withdrawn from the US crypto exchange Coinbase. As a result, the funds were distributed to several new wallets that ranged in value from $45 million to $171 million. After the bitcoin withdrawal, Coinbase’s public order book has about 394 000 bitcoins worth more than $20,5 billion. This was reported by a blockchain analyst under the nickname caueconomy.

Information on the CryptoQuant website

What else is known? On February 9, Santiment recorded a sharp drop in the volume of bitcoin supply on exchanges. The indicator fell to 5,3%, which is the minimum since December 2017.

On February 14, the market capitalization of bitcoin exceeded the $1 trillion mark for the first time since December 2021. This occurred amid an increase in the price of the asset.

On February 17, analysts at Santiment reported the highest level of bitcoin whale activity in 20 months. According to their data, the number of large transactions with the first cryptocurrency exceeding $100 000 rose to a maximum for the first time since June 2022.

Bloomberg: MicroStrategy has increased bitcoin reserves to $10 billion

The company’s unrealized profits exceeded $3,5 billion at a $50 000 exchange rate

Earlier, CryptoQuant CEO Ki Young Ju predicted that the BTC exchange rate would rise to $112 000 on the back of an inflow of funds from spot bitcoin exchange-traded funds (ETFs).

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