Millions of dollars worth of the two leading cryptocurrencies, Bitcoin and Ethereum were reportedly transferred to the US-based exchange Coinbase. The new update has left the crypto community with speculations as to the reason behind the movement.
According to a report from WhaleAlert, a staggering 2,907 BTC (worth $76,436,003) was transferred in a single transaction from an “unknown wallet” to the Coinbase exchange.
Moreover, a few hours later, another jaw-dropping 2,533 BTC (worth $66.5 million) was moved from the Kraken exchange. These huge transfers, coming especially at a time when the market is gradually recovering have raised eyebrows.
— Whale Alert (@whale_alert) September 25, 2023
On the other hand, a massive transfer of over 22k ETH was transferred. Per the report, exactly 22,343 Ethereum tokens were transferred from an anonymous wallet to the Coinbase exchange. At press time, the total worth of ETH moved is $35.4 million.
In addition, approximately 3 hours ago, another lump sum of 33,000 ETH was transferred from an unknown wallet to the OKEx exchange. Interestingly, the Ethereum transfer comes shortly after wallets linked to founder Vitalik Buterin made a massive 2,000 ETH transfer to another wallet.
Recently, Buterin has been actively moving his crypto holdings from one wallet to another.
Millions of BUSD and XRP moved
Meanwhile, other notable transfers were also spotted by the aforementioned crypto transaction tracker. A large sum of the stablecoin BUSD totaling 50,000,000 (worth $50,012,825) was transferred from the parent exchange Binance to an unknown wallet.
— Whale Alert (@whale_alert) September 26, 2023
Recall that Binance had initially announced that it would stop supporting BUSD from February 2024 citing regulatory and market conditions. Therefore, the reason for this lump transfer of BUSD can be attributed to the liquidation of the asset by the owner.
In a similar way, trending cryptocurrency XRP was also spotted in a transfer. A significant amount of XRP totaling 30.3 million tokens was moved to the Bitstamp exchange.
Recently, the Bitstamp exchange has received hundreds of millions worth of XRP tokens. The activity appears to be correlated with the massive growth in the usage of Ripple payments.
However, these lump transfers of XRP to the Bitstamp exchange have failed to impact the price of the token. This has led to speculations of the absence of sale intent but simply diversification.