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Massive Bitcoin Chunks Sent to Coinbase, Community Expects BTC Sell-Off

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Popular blockchain sleuth Whale Alert, which tracks down large cryptocurrency transactions, has spotted slightly less than 10 transactions, carrying an astonishing amount of Bitcoin to the Coinbase exchange.

All in all, anonymous whales have shoveled to the leading and publicly traded American cryptocurrency exchange more than $800 million worth of Bitcoin. BTC users in the comments are assuming that the whales are about to start a Bitcoin sell-off now as the spot Bitcoin ETF has been approved.

Hundreds of millions of USD in Bitcoin sent to Coinbase

The aforementioned cryptocurrency tracking platform spotted seven large Bitcoin transactions, many of them made consecutively. The largest of these transfers carried 4,464, 4,711 BTC and two contained 2,913 BTC. The biggest transfer from these was the equivalent of $221,042,719.

That makes the total amount of the transferred Bitcoin equal 17,291 BTC, and it is worth $807.6 million at the time of this writing.

Today, after the Securities and Exchange Commission spearheaded by Gary Gensler approved spot Bitcoin exchange-traded funds, the price of the flagship digital currency increased by 4.18%, reaching $47,800 and taking a step closer to the significant $50,000 level.

Still, while some whales are selling, others are accumulating Bitcoin at a high price. The same source as above also spotted four transactions, carrying 1,311 BTC each. In total, 5,244 Bitcoins worth $246.6 million have been moved from Coinbase and away to cold storage wallets.

Max Keiser thanks MicroStrategy founder for Bitcoin ETF

Vocal Bitcoiner Max Keiser, who has been supporting BTC since 2011, after Satoshi Nakamoto chose to disappear from the public spotlight, has taken to Twitter to give kudos to the founder and former chief executive of MicroStrategy business intelligence giant, Michael Saylor.

Thanks to Saylor, MicroStrategy has been gradually acquiring Bitcoin since August 2020 and putting BTC on its balance sheet. Two weeks ago, the company announced yet another massive Bitcoin purchase as it acquired an extra 14,620 Bitcoins, paying approximately $615.7 million.

This massive acquisition took place between Nov. 30 and Dec. 26. Both Saylor and Keiser are vocal Bitcoin maximalists. Keiser often slams other cryptocurrencies in his tweets, praising the SEC for its statements last year, in which it called ADA, XRP and other assets “unregistered securities.”


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