Whale Moves Over 3k BTC To Coinbase Institutional
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Bitcoin, Ethereum, and XRP have seen massive transactions worth millions of dollars today. Curiously, a vast sum of money appears to flow to Coinbase Institutional.
Coinbase Catalyst: Mega Crypto Transfers
Earlier today, 14,768 ETH, or $33.5 million worth of Ethereum, was moved from an unknown wallet to Coinbase. Such big transfers aren’t unusual but always spark curiosity and excitement.
Similarly, $14.48 million worth of XRP found its way to Bitstamp. Rumor has it this move is closely connected to efforts to improve liquidity for the Ripple Payments service, which relies on Bitstamp as a key provider. However, that has not been confirmed by company sources at this time.
3,249 #BTC (137,277,045 USD) transferred from unknown wallet to Coinbase Institutionalhttps://t.co/E3LSUGZTed
— Whale Alert (@whale_alert) January 29, 2024
As to the data provided by Whale Alert, a 3,249 BTC transfer worth approximately $137.3 million took place to a Coinbase Institutional account. This may be a sign of institutional interest in cryptocurrencies reaching a turning point.
At the same time, 1,426 BTC worth $60.49 million left Coinbase Institutional’s vault and went to a non-custodial wallet. The ebb and flow of crypto transfers highlights a constant redistribution of wealth.
Some institutional investors seem keen on getting more hands-on with cryptocurrencies and digital assets. That does not guarantee any prominent market movement for Bitcoin or other currencies involved in today’s transactions, however.
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