According to in-chain data provider CryptoQuant, 48,000 Bitcoin were transferred out of the Coinbase Pro exchange, making it the largest outflow since the June crisis and the second largest in history.
Whale activity on the rise
At the time of the transfer, the funds were estimated to be standing at $940 million. A “big portion” of the on-chain spending, according to Cryptoquant, was made up of batches of old bitcoins, some of which were at least three to five years old. About 32,000 of the 48K BTC were estimated to be between three and five years old.
“Further investigation is needed to conclude whether it’s an exchange in-house flow, sent to a new wallet, or just a clean outflow,” Cryptoquant reported.
Following the first report, Cryptoquant stated that shortly after, 8,000 BTC was transferred to Coinbase. Furthermore, transactions were segmented into batches of 122 bitcoins each. Maarten Regterschot, a contributing analyst at CryptoQuant, claims this pattern was spotted several times throughout the bull run of 2021.
Buying the dip
According to Whale Alert, over 166,000 BTC have been moved from cryptocurrency exchanges to anonymous wallets in the past 24 hours. The sum of all registered transactions is more than $3.12 billion.
More than 121,000 Bitcoins ($2.4 billion) have reportedly been transferred out of exchanges over the last 30 days. While this may seem like a sign of selling pressure at first, it’s actually a bullish indicator, according to market analysts. According to them, traders typically withdraw coins from exchanges when they want to store them for an extended period of time.
Aside from the 48,000 coins moving on-chain, the vast majority of which are dormant bitcoins, a few addresses from 2011 have also transmitted a few batches of ‘sleeping bitcoins’ this month. On October 10, 2022, at block height 758,046, Btcparser.com detected a transfer of dormant bitcoins from an address that had been created on May 14, 2011.
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