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Third-Largest Bitcoin Whale Transfers All BTC Holdings to Coinbase

Third-largest Bitcoin whale has finally emptied its BTC holdings after demonstrating a long-term accumulation trend.

  • As per BitInfoCharts, the whale bought a total of more than 207k BTC since 2019 before transferring all of it.
  • The move coincided with Bitcoin posting gains for three straight days before topping $24,000, the highest level since mid-June.
  • Over the past three days, the address transferred total funds worth 132,881.88 BTC to Coinbase.
  • It transferred the remaining 29,235.28 BTC to the crypto exchange today.
  • CryptoQuant’s Ki Young Ju speculated that this might just be an internal transfer to a cold wallet or custodian wallet, highly likely owned by Gemini.
  • The exec also dismissed the rumor about potential dumping by the entity and said that it couldn’t be a user deposit to a crypto exchange’s hot wallets for selling Bitcoin.
  • Earlier this month, the whale address purchased 1,416 BTCs and added another 601 BTC as the market downturn deepened, triggering Bitcoin’s fall below $20k.
  • CryptoPotato has been tracking the address for quite some time and observed strategic buying during dips.
  • These activities are not typically depicted by an exchange’s cold wallet.
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