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Coinbase Sees Record BTC Outflow as Whales Move $1.1 Billion in 1 Hour
In a shocking turn of events, crypto exchange Coinbase has witnessed an unprecedented outflow of Bitcoin (BTC) worth approximately $1.1 billion, with whales and institutional investors leading the charge.
According to reports, Coinbase recorded the highest outflow last week, with an astonishing 10,756 BTC withdrawn in just one hour. This massive transaction highlights a significant shift in market sentiment as large-scale players take advantage of current market conditions to accumulate Bitcoin.
The sudden surge in Bitcoin withdrawals from centralized exchanges such as Coinbase and Binance is attributed to the Federal Reserve’s decision to slash interest rates by 25 basis points, bringing figures to their lowest since February 2023. This rate cut has led to increased inflationary expectations, causing investors to seek refuge in riskier assets like cryptocurrencies.
The whales’ swift action, moving $1.1 billion in a single hour, signals that these massive players are unwaveringly committed to accumulating Bitcoin despite the recent market downturn. These behemoths of the crypto market have been buying up substantial amounts of BTC throughout the year, and this record outflow further solidifies their resolve.
This significant transaction has sparked concerns among analysts about an impending price surge for the world’s most valuable cryptocurrency. The scale of this transaction strongly indicates institutional buying (RIOT and MARA) or intermediary purchases for Spot ETF demand, consistent with similar activity observed over the past year.
Source: zycrypto.com
