As Bitcoin surged past $61,000, an unknown whale has moved 12,638 Bitcoin from Coinbase, as per the latest data from Glassnode. Apparently, the coins were moved out of the largest US-based cryptocurrency exchange within just ten minutes.
12,638 Bitcoin Withdrawn from Coinbase
On April 11, data analytics company, Glassnode shared a cryptocurrency transaction worth 12,638 Bitcoin withdrawn from Coinbase cryptocurrency exchange. The transaction in question stands at $769.5 million at the current time.
— Lex Moskovski (@mskvsk) April 11, 2021
In early March, a large number of financial institutions bought and withdrew large amounts of Bitcoin from Coinbase. Financial institutions flock towards buying the world’s leading cryptocurrency as a hedge against inflation.
Another data from Glassnode further indicated that cryptocurrency miners are increasingly recently moving their Bitcoins to exchanges to be sold. The Miners to Exchange Flow indicator has hit a one-month high of 17.767 BTC.
BTC miners are also increasingly accumulating Bitcoin instead of selling it for the first time in five months.
On April 10, Bitcoin price approached an all-time high of $61,712 as the market experienced long-awaited volatility. The cryptocurrency traded above $60,000 for the first time in nearly a month after spending weeks oscillating between $50,000 and $56,000.
Bitcoin Continues Growing This Year
Bitcoin balance on cryptocurrency exchanges has reached a 2-year low of 2,337,271.262 BTC. Similarly, a previous 2-year low of 2,338,724.621 BTC was observed on 08 April 2021.
At the time of writing, the flagship cryptocurrency traded at $60,514.60 with a daily trading volume of $45.5 billion. Bitcoin is up 1.57% for the day.
The market capitalization of Bitcoin in circulation hit $1 trillion for the first time earlier this year. The cryptocurrency has grown over the last 12 months by acceptance from mainstream investors and companies such as Tesla and Mastercard.
In February, Tesla invested $1.5 billion in Bitcoin, saying it might even start accepting it as payment for its electric cars. Last year, Jack Dorsey’s Square purchased $220 million worth of bitcoin, representing about 5% of its total cash.