Whale Alert: 8,884 Bitcoins ($101 Million) On The Move To Coinbase

While Bitcoin holders are no doubt content with the recent consolidation above $11,000, a whale alert from a short while ago could potential either increase the joy for traders or spoil the merry mood.

The 8,884 BTC transaction, which is worth approximately $101,530,110, had left an unknown wallet in its way to the US based crypto exchange, CoinbaseWhat catches the eye, however, is the fact that the wallet address had almost been inactive for nearly a year. 

Aside from tiny transactions ranging from $0.006 to $2.45 last month, you would have to go as far back as 30th July to see significant Bitcoin transaction from the wallet. Back then, it was a transaction worth roughly $529,098.74.

What could be the effect of such transaction? At the time of writing, there has not had any significant impact to the Bitcoin priceBeing on Coinbase, however, means the large volume could still be swapped for cash by whoever is controlling the wallet. Also, it would be essential to note that anyone behind the wallet (likely a custodian or financial institution) would like to maximize the average selling price and not to maneuver the price. Another option could be buying altcoins for this amount of Bitcoin.

The Power Of 3,645 BTC

Just a little more than a month ago, the crypto world saw what a 3,645 BTC command could do in one exchange, Bitstamp, as Bitcoin dropped from $7,749 down to $7,179 in less than 30 minutes with Bitcoin’s 24-hour decline being 8.7%. At the same time, Bitcoin recorded a low near $6,000 in Bitstamp, which had triggered the massive sell-off in all other exchanges. However, as can be seen, Bitcoin had recovered nicely from that temporary drop.

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Only $121 To Send $100 Million

Meanwhile, another interesting takeaway would be that the sender had to pay only 0.0108 BTC, which at the time of writing equal $121, for the transaction fees. Try that anywhere but in crypto and you’d be reminded why Satoshi wrote the Bitcoin whitepaper.

Bitcoin at the time of writing was trading at $11,340 with a market cap of $201.6 Billion and daily increase of roughly 2%.

The post Whale Alert: 8,884 Bitcoins ($101 Million) On The Move To Coinbase appeared first on CryptoPotato.

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