Major BTC Withdrawals from Coinbase, As Whales Continue to Shift Wallets

Major BTC Withdrawals from Coinbase, As Whales Continue to Shift Wallets

More than 7000 Bitcoins were recently moved away from Coinbase to two separate crypto wallets. At the current moment, the price of these digital coins stands at $235 million.

Whale Alerts, a global blockchain tracking service, revealed that the first of these transactions was 3574 BTC from Coinbase to an unknown wallet. This happened last Thursday, on July 1st.
The second transaction involved a total number of 3488 Bitcoins from the Coinbase site to another undisclosed wallet that same day.

Meanwhile, a leading BTC account recently moved 6713 coins to Xapo from a mystery wallet. The value of this single transaction is $230 million.

It5 is obvious that BTC whale transactions have been on the rise lately. Moreover, according to Santimnet, more than 60 000 Bitcoins have been accumulating in a number of whale accounts.

Meanwhile, Coinbase competitor Binance was recently the subject of multiple bans and one criminal, as the global crypto exchange company was accused of functioning within a number of jurisdictions without the authority of the appropriate regulators. The backlash from this is felt throughout the industry and is clearly reflected in massive BTC withdrawals.

Bitcoin recently dropped below $35 000 this Monday, while trading right now at $34k. The current market cap of the largest digital coin is $640 billion.

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