On Tuesday, a significant amount of Bitcoin transactions, totaling over $120 million, occurred across major exchanges. The blockchain tracker Whale Alert recorded two noteworthy transactions:
1. Coinbase: 2,818 BTC, equivalent to $75.8 million, was transferred to Coinbase. The analysis suggests that this transfer may have involved internal operations, as the same amount of BTC had been withdrawn from Coinbase a few days earlier. This points to the optimization of exchange reserves.
2. Bybit: Shortly after the Coinbase transaction, 1,630 BTC worth $43.82 million were withdrawn from Bybit. The withdrawal originated from Bybit’s known cold wallet, which holds more than 34,000 BTC, nearly $1 billion. Exchanges often move funds between hot and cold storage for security reasons.
While these large transactions are eye-catching, they are not unusual for centralized exchanges, which routinely perform large transfers between their wallets. However, these transactions highlight the massive scale of digital asset holdings concentrated on centralized trading platforms. This underscores the evolving nature of cryptocurrencies as a new asset class, challenging traditional definitions of what constitutes a “whale” in the crypto world.
Such significant transfers, while often part of standard procedures for major exchanges, warrant attention as they could potentially signal increased selling activity.
This news underscores the growing significance of cryptocurrency transactions and the role of major exchanges in the digital asset space.
