A total of $120 million worth of Bitcoin (BTC) were exchanged across important exchanges today, which was a stunning turn of events for the cryptocurrency market.
The day began with a big transaction of 2,818 BTC, or $75.8 million, transferred to the well-known American exchange Coinbase, according to reports from Whale Alert. Soon later, 1,630 BTC worth $43.82 million were removed from the Bybit exchange in another significant transfer.
https://x.com/whale_alert/status/1713398581762101429?s=20
On-chain data analysis delves into the specifics of these transactions and offers fascinating insights. The same number of Bitcoins were withdrawn earlier in the week from a popular Coinbase wallet by the sender address involved in the Coinbase transfer; they were held for four days before being returned.
This pattern points to internal exchange operational operations, such as perhaps optimising the storage of BTC reserves by using a new, previously unrevealed wallet.
https://x.com/whale_alert/status/1713441615606374690?s=20
The 1,630 BTC taken out of Bybit also led to the exchange’s well-known cold wallet address, “bc1qs,” which at the moment has a mind-boggling 34,231 BTC, or $918.93 million.
As a result, these transfers had no immediate effect on the market since Bitcoins did not circulate. However, the significant quantities that Whale Alert brought to light may have encouraged other market players to think about purchasing or selling BTC.
