On February 19, 2024, cryptocurrency exchange platform Coinbase saw a notable movement of bitcoins. Analysts from CryptoQuant reported the withdrawal of more than 18,000 BTC worth about $1 billion.
The assets were allegedly distributed among various fresh #wallets. Each of them received an amount ranging from $45 million to $171 million in bitcoins, experts claim.
According to CryptoQuant, after the significant outflow of funds, the #Coinbase trading order register held around 394,000 BTC worth more than $20.5 billion at the time of writing.
Whales Withdraw Almost $1 Billion in Bitcoin From Coinbase
“This substantial withdrawal of #Bitcoin from Coinbase resulted in the funds being distributed across several new wallets, with values ranging between $45 million and $171 million.” – By @caueconomy
Link 👇… pic.twitter.com/EEEBSbX99L — CryptoQuant.com (@cryptoquant_com) February 19, 2024
The exact motives behind the transaction have not yet been disclosed. Presumably, the bitcoins were mined to further increase liquidity in the OTC market or for self-storage purposes.
In February, the total interest in bitcoin futures reached the maximum level since November 2021. In addition, it became known that the Arkham data analytics platform identified #MicroStrategy wallets that stored bitcoins worth $9.7 billion.
