Over half a billion USD in Bitcoin has been shoveled between Coinbase and several anonymous wallets

According to Whale Alert, a cumulative transfer of over half a billion USD worth of Bitcoin between major US-based digital exchange Coinbase and several anonymous crypto addresses.

$669 million in Bitcoin moved between Coinbase and unknown addresses

Besides, two inactive Bitcoin wallets were activated after 12.4 years with 100 BTC in them. Over the past 24 hours, anonymous whales have made several transactions to send approximately $246 million worth of Bitcoin to the Coinbase exchange and withdraw roughly $422 million from it to addresses tagged by Whale Alert as “unknown.”

Anonymous whale deposited 5,678 BTC into Coinbase and withdrew 9,736 BTC from it. That amount is worth $246,629,608 and $422,892,896, respectively, at writing. Separately, 4,100 Bitcoins worth $178,865,674 were also transferred from a Gemini address to Coinbase, where they were then withdrawn from there to an unknown address.

At this writing, BTC is changing hands at $43,397, having lost about 5% in the last 24 hours.

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BTC/USD 4-hour chart | Source: TradingView

According to Glassnode, the current supply of Bitcoin across many digital exchanges hit its 2018 low in the middle of “Crypto Winter,” when BTC traded at around $7,200.

While the price of BTC falls, some are locking in their profits by moving BTC to exchanges, while the “diamonds” are buying more and moving their crypto to cold storage. Whale Alert had also reported that two dormant crypto wallets had come out in 12.4 years, basically since 2009, when the mysterious BTC author Satoshi Nakamoto was still more or less appearing in public.

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These two wallets hold 50 BTC each, about $2,165,186 per wallet at current exchange rates. One of the possible explanations here is that the owners of these wallets managed to recover the password or seed phrase for the wallet they believe has been lost.

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