2021-02-25 08:00:00

Unknown identity plans to sell $400 million worth of Bitcoin on Coinbase

Recently, a growing number of powerful investors have been trying to cash out at the world’s most popular crypto market, as Bitcoin trades above the $50,000 price level.

What you must know: Data obtained from Whale Alert, a crypto analytic tracker, revealed that an unknown entity transferred 8,000 BTC (399,897,857 USD) from an unknown wallet to Coinbase, suggesting that the whale plans to sell such quantity on the world’s most valuable crypto exchange.

READ: Bitcoin miners are outrageously rich, earn $4 million per hour

However, it’s critical to note that the number of Bitcoin accumulation addresses (which have received at least two non-dust transfers and which have not spent funds) has been increasing since early 2018, thereby suggesting that it might be an isolated event.

READ: Computers might steal Satoshi Nakamoto’s Bitcoin fortune

At the time of writing this report, Bitcoin traded at $50,349.11 with a daily trading volume of $60 billion. Bitcoin is up 0.05% for the day.

Prevailing market conditions at the Bitcoin market reveal that large crypto investors and traders, typically known as Bitcoin whales, are moving large stacks of Bitcoins.

  • Just a matter of days after the world’s first flagship crypto ETF started trading, its holdings are at 8,288 BTC – 2,251 were added on the 22nd of February.
  • The ETF’s asset under management has crossed $500 million, currently sitting at $564 million.

READ: CBN Governor calls Crypto illegal money

Should you still buy?

Nairametrics advises against investing a large pool of capital into a volatile financial market like Bitcoin. Instead, an investor or trader can allocate smaller amounts periodically over time, or better still, seek the counsel of a certified financial advisor.

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