Bitcoin Whale withdraws half a billion dollars in BTC from Coinbase, positive sign?

A huge whale is withdrawing nearly half a billion dollars in Bitcoin (BTC) in a single transaction from a cryptocurrency broker.

Whale tracking bot Whale Alert initially detected the massive bitcoin transfer and reported the details to its 1.9 million Twitter followers.

The unknown whale transferred 9,901 BTC, worth approximately $466.5 million, from US-based bitcoin brokerage giant Coinbase.

Whale Alert's tweet block explorer says the investor paid 0.00245662 BTC in transfer fees, worth $115.89 at the current price.

The data site too reveals that the massive amount of BTC moved again less than an hour later, this time for a fee of just 0.0011104 BTC, or $52.38.

The initial receipt portfolio was traded only twice and currently has a zero balance.

Withdrawal of large amounts of bitcoin from brokerage firms generally demonstrates a positive sign for the currency’s price, as it signals the whale’s disinterest in selling the asset on the open market.

But meanwhile, the price of bitcoin is seeing a slight decline and is currently changing hands at $46,000, down 3.2% in the past 24 hours.

BTC isn’t the only digital asset that whales have been looking for recently, as altcoin ETH and global payments cryptocurrency XRP are also on the move.

Here’s a review of the biggest ETH and XRP transfers on the last day:

Ethereum (ETH) is trading at a slight low of 2.5% and is currently priced at $3,660. The XRP, meanwhile, fell 3.4% on the day and is trading at $0.81.

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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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