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Bitcoin Worth $940 Million Move Off Coinbase
$940 million in Bitcoin move off Coinbase, fueling speculation a Whale Is accumulating $BTC.
Himanshu S.
12:08 20th Oct, 2022
Bitcoin

Roughly $940 million worth of the flagship cryptocurrency Bitcoin ($BTC) were suddenly moved off of wallets associated with the Nasdaq-listed cryptocurrency exchange Coinbase, fueling speculation a large player is accumulating funds.

According to Bitcoin blockchain data tracked by on-chain analytics firm CryptoQuant, around 48,000 BTC suddenly moved off of wallets associated with Coinbase Pro, Coinbase’s former professional trading service, with a large portion of those coins having been dormant for between three and five years.

While analysts have noted that further investigations are necessary to determine whether the transaction was an internal one from Coinbase, or whether a large player is accumulating BTC, theories quickly started appearing.

One on-chain analyst suggested that the electric car market Tesla was buying back the $BTC it sold earlier this year to secure cash. At the time, the value of BTC Tesla sold was around $936 million, and the recent outflows were of 48,000 BTC worth roughly $940 million.

The analyst also pointed out that Tesla will post its financial results for the third quarter of 2022 after the market close today, October 18, 2022, shortly after the large BTC transaction was conducted.

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