Quarter Billion Dollars in Bitcoin Stun Major US Exchange Coinbase

News Fri, 17/01/2025 - 17:31 A A A Cover image via www.freepik.com Read U.TODAY on Google News According to a report from Whale Alert , 2,501 Bitcoin (BTC) worth around $256.4 million have just been transferred to Coinbase International, a subsidiary of a major U.S. cryptocurrency exchange. The details known about the sudden transfer of over a quarter of a billion BTC are few to none. Advertisement For instance, the receiving address, "bc1q5y," was only activated a week ago and showed no significant activity until another unknown address, "bc1qe2n7," deposited 2,502 BTC. Related Fri, 01/17/2025 - 15:30 SpaceX Bitcoin (BTC) Now Holding $700 Million: Details Godfrey Benjamin HOT Stories Barry Silbert's Digital Currency Group to Pay $38 Million Fine in SEC Settlement Ethereum (ETH) Pectra Mainnet Upgrade Date Confirmed by Devs Shiba Inu's Outflow Skyrockets 883%: What's Driving Trend? SpaceX Bitcoin (BTC) Now Holding $700 Million: Details There were some overlaps with the Coinbase Prime address, which may indicate that the wallet in question is not an individual investor but some sort of entity. Furthermore, the wallet that deposited tokens to "bc1q5y" still holds 10,115 BTC, which is worth $1.05 billion. Advertisement 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 2,501 #BTC (256,401,079 USD) transferred from unknown wallet to Coinbase Institutional https://t.co/hzXV2iFW4F — Whale Alert (@whale_alert) January 17, 2025 What is the significance of a transaction such as this? Opinions are divided. Concerns about a potential sell-off are often raised when a transfer of this size occurs on a major exchange. The logic is simple: a large, unknown holder could be intending to sell their Bitcoin for fiat or other assets, which could put pressure on the price. Related Fri, 01/17/2025 - 14:22 ‘We Are All Satoshi,’ Michael Saylor Says as Bitcoin Approaches $103,000 Yuri Molchan The unusual activity comes just before the weekend, which is also suspicious. Trading volumes seem to decrease on Saturday and Sunday, making any significant movement in and out of the exchange more impactful. If someone were to buy or sell a quarter of a billion Bitcoin on Saturday, the consequences would be seen on a price chart without scrutiny. BTC to USD by CoinMarketCap We also have something extraordinary to look forward to on Monday as the new U.S. administration takes over the reins of the country. With BTC testing a key price resistance level at $104,000 and such vulnerable days ahead, this move may make more sense than it first appears. Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. #Bitcoin #Bitcoin News #Coinbase