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A mysterious $250 million Bitcoin transfer stuns the major US market
Gamza Khanzadaev
Mysterious quarter-billion dollar Bitcoin transfer hits Coinbase as BTC price prepares for breakout
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Right now, Whale alert reported that 3,508 BTC worth $249.18 million were transferred to Coinbase, the largest cryptocurrency exchange in the United States. The sender’s address, identified as “bc1qcl95”, is linked to Coinbase Prime Custody, which manages institutional client funds. This address had been active for just six days, receiving 19,183 Bitcoin from another exchange-based address during this period.
The transfer history of this address reveals multiple transfers between unknown addresses in recent months. It might be suggested that such large transfers could signal that some of the major players are preparing to sell assets, moving a significant amount of Bitcoin to a highly liquid platform like Coinbase is often a harbinger of sales.
Despite the magnitude of this transfer, the price of the cryptocurrency remained stable, continuing to exceed $71,000. This price level is only 3.8% below BTC’s all-time high, reflecting market confidence and interest from both institutional and retail investors.
BTC to USD by CoinMarketCap
Meanwhile, Bloomberg reports that the short-term, 30-day correlation between Bitcoin and the Nasdaq 100 index of U.S. technology stocks is about the highest since early 2023. This suggests that further gains in the stock indicator could be accompanied by an upward movement in prices. the leader of the cryptocurrency market.
Mike Novogratz, CEO of Galaxy Digital, told Bloomberg Television that a more positive U.S. policy environment for digital assets will likely help push growth Bitcoin price to a record $100,000 or more by the end of the year.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated in Finance and Credit with a specialization in securities and financial derivatives. He then obtained a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.