Over 13000 Bitcoin worth more than $1 billion has been moved off American cryptocurrency exchange according to blockchain analysis by Whale Alert.
The blockchain alert and tracking service flagged 36 different transactions from Coinbase to unknown Bitcoin wallet addresses on February 21, as initially reported by Decrypt. The majority of transactions saw BTC amounts ranging between 340 and 390 BTC being moved off the exchange while one massive transaction of 4,501 BTC was also made – taking the total value of the BTC sent from Coinbase over $1bln.
It’s not clear who is responsible for the transactions, but they were carried out in a manner that has protected the identity of the user. Every BTC transaction that took place was sent to a newly created Bitcoin address, effectively bundling a very large amount of BTC into smaller individual wallets.
The Bitcoin was then sent to a bech32 wallet address that seemed to be a central point where a large amount of BTC was being consolidated has received over 91,000 BTC. However the address currently holds 2700 BTC at the time of publishing.
Outflows have been highlighted by analysts
Cryptocurrency analyst and trader Willy Woo has highlighted on various occasions the importance of outflows from exchanges in recent months while noting that the distribution of Bitcoin continues to improve.
Woo also referred to data from Glassnode that shows that Bitcoin is moving off exchanges to strong holders that do not sell after buying off an exchange.