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30 May 2024
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Bitcoin Whale Moves $494M from Coinbase Amid Volatility Surge

Bitcoin Whale

  • A Bitcoin whale transferred 7999 BTC from Coinbase to an unknown wallet amidst volatility. 
  • CoinBase saw multiple whale movements following its system-wide outage.

Amidst a struggling crypto market, bitcoin whales have made astounding movements. In the early hours of May 15th, a whale transferred 7999 BTC from Coinbase to an unknown new wallet. The whale movement of Bitcoin worth $494 million at the time of writing has raised questions on strategy among investors. 

On May 14, crypto exchange Coinbase faced a system-wide outage briefly with users being unable to access their funds. The exchange platform reinstated its services shortly afterwards while also ensuring users of funds safety during the outage. 

Increased Bitcoin Whale Activity While Volatility Rises

Coinbase has become the go-to-platform of multiple whale movements today. Following the Bitcoin whale transaction, the exchange also witnessed Ethereum and USDC transference to unknown new wallets according to Whale Alerts data. Whether this is the result of yesterday’s malfunction is yet to be determined. 

The bitcoin whale movement was by far one of the highest in terms of market capital. The whale transferred the 7999 BTC in a total of 56 transactions to an unknown wallet. Bitcoin whale movements have been frequent since 2023 and have further increased this year. 

Bitcoin market prices have hit a snag in the past few weeks post hitting the $73,750.07 ATH in March. The leading cryptocurrency has struggled to maintain prices above the $60K mark finding support at $61K this week. With occasional upward movements, Bitcoin has shown resistance to hit new highs after the price dips. 

Moreover, the latter half of May 14th saw price declines to the $61,100 margin following a momentary hike to the $62K range. The whale’s movement amidst an absence of price recovery and a volatility index of 58.89 in the recent past, is baffling. 

It must be noted that the whale movements linked to Coinbase weren’t unidirectional. The exchange witnessed inflows of two cryptocurrencies, ETH and USDT since yesterday. 

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