Crypto Whale Transfers 2,011 Bitcoin to Coinbase

While most of the crypto exchange activity in the past week has resulted in major Bitcoin outflows from exchanges, a surprising move including the transfer of 2,011 BTC was observed on 9 February.

The blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term tracking firm, Whale Alert pointed out the movement of $90 million worth of Bitcoin from Xapo to crypto trading platform Coinbase. The transaction, which was executed at 22:08 UTC, highlights one of the major BTC exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term inflows during the past week.

Recently, Finance Magnates reported about the rising Ethereum whale movements from digital exchanges to unknown wallets. The trend has seen a shift this week after ETH millionaires started transferring the crypto asset from cold storage to mainstream exchanges.

On 10 February, one of the biggest Ethereum addresses moved 51,151 coins worth more than $163 million from an unknown wallet to FTX. The transaction was recorded on Etherscan.

The whale movements of Bitcoin and Ethereum have surged in tandem with the prices of both digital assets. On Wednesday, BTC climbed above $44,500 while ETH reached the price level of $3,250.

Bitcoin Entities

According to Glassnode, Bitcoin network activity has spiked again after a substantial surge in new BTC entities. The company added that the price range between $30,000 and $40,000 acted as a strong fundamental support area for the crypto asset throughout 2021.

“Looking to the spot/on-chain markets, we can see that the Bitcoin network saw an impulse of new net entities this week, pushing up to net growth of 18.5k entities per day. Through 2021, large impulses of net entities have occurred around volatile periods such as bull market corrections in Q1-Q2, and during the 50%+ sell-off in May. June to Dec 2021 was a period of quiet accumulation with a stable baseline of 12.5k net entities entering the network per day,” Glassnode highlighted in a recent report.