Whale Bitcoin Transfer 48,000 BTC from Coinbase Pro, What's This Sign?

JAKARTA – Owners of large amounts of Bitcoin (BTC) reportedly sent 48,000 BTC from the crypto trading platform Coinbase Pro. Whale's Bitcoin is worth about 940 million US dollars (equivalent to IDR 14.7 trillion).

According to a report from crypto analytics firm Cryptoquant, it states that the outflow of 48,000 BTC did indeed come from Coinbase Pro. Cryptoquant explained that most of these coins are coins that have been stored for a long time.

In recent days, Bitcoin is trading below the price of 20,000 US dollars per BTC. The largest cryptocurrency transfers by market capitalization occurred at a time when the crypto market experienced price volatility. While the crypto market analysis platform, Glassnode Insight mentions the term “A Coiled Spring”, where the market expects BTC price fluctuations soon.

“The bitcoin market is poised for volatility, with implied volatility realized and options falling to historical lows,” Glassnode wrote on Oct. 17.

“Future open interest has hit new all-time highs, although liquidation is at all-time lows. Volatility is likely on the horizon, and Bitcoin price rarely sits idle for long,” the report said.

The next day, researchers from the crypto analysis platform Cryptoquant tweeted that 48,000 inactive bitcoins began to be moved last Tuesday. “Bitcoin is not actively moving from Coinbase Pro,” Cryptoquant said on Twitter. “The 48K BTC outflow comes from Coinbase Pro and has a dollar value of [$940 million].”

Furthermore, Cryptoquant says that “the vast majority” of that onchain spending comes from very old bitcoin pools, at least three to five years old. Researchers estimate that around 32,000 BTC of 48K is between three and five years old.

“Further investigation is needed to conclude whether it was an internal flow of the exchange (crypto exchange), being sent to a new wallet, or just a clean outflow”, Cryptoquant detailed on Tuesday, quoted from Bitcoin.com.

In an update following the initial post, Cryptoquant explained that 8,000 BTC was stored on Coinbase shortly after. “The transaction was partially broken down into batches of 122 BTC. We've seen this a few times during the 2021 bull run, haven't we? Ahem institutions”, added Cryptoquant.

In addition to the 48,000 coins that move onchain, several other wallet addresses from 2011 also sent old Bitcoins that had just woken up from their slumber. According to a BTC Parser report, Bitcoin, which has been dormant since May 14, 2011, started moving on October 10, 2022, at a block high of 758,049.

On the same day, an inactive address created on October 24, 2011, moved 40 BTC. Seven days later, another 10.29 “sleeping” bitcoins from addresses created on September 20, 2011, began to be moved for the first time in 11 years.