Bitcoin Whales Move $2.3 Billion, Coinbase Sees Major Outflows!

[Learn Bitcoin]

The cryptocurrency market has witnessed a surge in activity with over $2.3 billion in Bitcoin (BTC) transferred within a 24-hour period. Whale Alert, a respected cryptocurrency tracker, reported five massive transactions, the smallest of which involved a remarkable 4,799 BTC. Notably, two of these transfers, totaling over $1 billion in BTC, originated from the Coinbase exchange.

Prominent cryptocurrency analyst Ali Martinez highlights a continued accumulation trend, noting that over 25,000 BTC, worth approximately $1.6 billion, have flowed into accumulation wallets – the highest inflow in 2024. This suggests a potential bullish sentiment among investors.

Source: https://coinmarketcap.com/community/articles/65ff8322583ee305d2011b2f/

Now, the question is, do you see something good in it? The reserve of exchanges has been decreasing for over a year now, and this latest move is another massive addition. Exchange like Binance still holds a big amount of Bitcoin. It would be better if some whales move their fund from Binance as well. 

[ABCbits]

Now, the question is, do you see something good in it? The reserve of exchanges has been decreasing for over a year now, and this latest move is another massive addition. Exchange like Binance still holds a big amount of Bitcoin. It would be better if some whales move their fund from Binance as well. 

Yes, people shouldn't rely too much on 3rd party. Bitcoin and many cryptocurrency give us freedom to be the only one who can move the coin and IMO people should use that freedom when they have some security awareness.

[Z-tight]

Now, the question is, do you see something good in it? The reserve of exchanges has been decreasing for over a year now, and this latest move is another massive addition. Exchange like Binance still holds a big amount of Bitcoin. It would be better if some whales move their fund from Binance as well.

Yes, BTC is a decentralized currency, so it should not be stored in a custodial wallet, especially when the amount in question is very large, not your keys is not your coins, so even whales need to know and implement that. However, there are still a lot of people storing their money in centralized exchanges and so many more would still send their money into exchange wallets, so i don't think there is any problem for them.

[Lucius]

Now, the question is, do you see something good in it?

If the coins ended up in a non-custodial wallet, there is something good in that, because they should be safer that way - and again, if they were just moved from one CEX to another, a little dust was raised, but there was no benefit from it all.

The reserve of exchanges has been decreasing for over a year now, and this latest move is another massive addition. Exchange like Binance still holds a big amount of Bitcoin. It would be better if some whales move their fund from Binance as well.

ETFs have only bought less than 500 000 BTC so far, but most of those coins ended up in custodial services like Coinbase, so on the one hand they are no longer part of the publicly available coins, and on the other hand they are still there. It should be taken into account that some whales are certainly not confident enough to keep their coins themselves, so it makes more sense for them to leave it to professionals, no matter how wrong it actually is.

[Crwth]

Transferring a lot of BTC has probably made some noise in the Telegram groups that follow whale activities. It's definitely going to be heard and with that in mind, I think it could reach more and more people with this news and maybe have more people get into cryptocurrency. I think that the movement of BTC is just natural because it can be distributed to other exchanges and people. Maybe it could be sold or something and more supply for the rest of the market. That's what I could think of that's positive.

[TomPluz]

This is one important news that I read somewhere just a while ago. What is good with this is that this is outflows meaning huge amount of Bitcoin are moving from exchanges to other wallets presumably for accumulation and when something like can happen the sentiment can be bullish and this can be affecting the movement of the price in a very positive way. Right now, BTC is still at $65K after some good dip in recent days so I am expecting that maybe there is a big chance for it to reclaim the $70K spot days from now. I would be worrying a lot with the movement of Bitcoin can be towards exchanges as there is a chance they can be converting them to USDT for liquidation.

[Z-tight]

I would be worrying a lot with the movement of Bitcoin can be towards exchanges as there is a chance they can be converting them to USDT for liquidation.

I know that the likely scenario with these outflows is that the whales are moving the coins into their self custodial wallets, which is the right and safe thing to do. But maybe they are moving it to other exchanges, though it is less likely, because if they wanted to liquidate, they should have just done it in Coinbase.

However, this is why i am uninterested with whale alerts and what other people do with their coins, surely whales can influence the price, but long term investors do not care, the price of BTC can only be affected for a short time.

[Learn Bitcoin]

It should be taken into account that some whales are certainly not confident enough to keep their coins themselves, so it makes more sense for them to leave it to professionals, no matter how wrong it actually is.

I don't know if it's true that they cannot rely on themself but they rely on some services like exchanges. I am sure they don't know about the bad side of it. I know one story that I can share with you. I have a friend who lives in arab country at this moment. But, he opened his account on Coinbase when he was in Bangladesh. He had some Bitcoin in his Coinbase account, and he planned to hold it for a long time. I didn't say anything because he does not understand much. He might lose his seed phrases if he uses a non-custodial wallet. So, I let him use Coinbase because it will be easier for him to recover the password and access the fund again.

But, a couple of months ago, coinbase started to send emails to Bangladeshi users that they were going to close some accounts, I don't know if they closed all the accounts, but my friend received an email too and he didn't even read that. Just because I knew that he used coinbase, I asked him if he had received any email. He asked me to check for himself and yes, he received it too. Luckily, I assisted him in moving his funds.

So, I have a feeling that a lot of wales are in danger without knowing that centralized exchanges can take any action whenever they want and you have nothing to do when your fund get stuck.

[Lucius]

~snip~
So, I have a feeling that a lot of wales are in danger without knowing that centralized exchanges can take any action whenever they want and you have nothing to do when your fund get stuck.

The risk of closing an account in a bank or CEX is always present, but also any serious provider of such services will always inform their clients if something like this happens and anyone who checks their e-mail from time to time will be able to react. Real whales that have hundreds or even thousands of BTC are probably full KYC and apart from e-mail, they may be notified in some other way (by phone, letter).

However, the risks that can arise from being your own bank are sometimes (especially for some) so great that they simply want others to take care of it. Just take the example of ETFs, because how can we explain that almost half a million BTC went into them in a little more than 2 months, if we know that all those who are now trading with BTC in this way could have done the same before by simply buying BTC on CEX or DEX.

Investors want simplicity and as few technical details as possible, which means that they are not ready to invest in other ways.

[Learn Bitcoin]

The risk of closing an account in a bank or CEX is always present, but also any serious provider of such services will always inform their clients if something like this happens and anyone who checks their e-mail from time to time will be able to react. Real whales that have hundreds or even thousands of BTC are probably full KYC and apart from e-mail, they may be notified in some other way (by phone, letter).

I don't know if they really get notified in other ways. But if someone does not use a dedicated email for his CEX account and gets multiple emails every day, it's harder for them to check their emails every day. Even I do not check my emails daily. Maybe whales can get notified in multiple ways, but when it comes to average users like me, I simply cannot afford to lose all my crypto investments. They can say that we had to send emails which we did.

[Jating]

This is one important news that I read somewhere just a while ago. What is good with this is that this is outflows meaning huge amount of Bitcoin are moving from exchanges to other wallets presumably for accumulation and when something like can happen the sentiment can be bullish and this can be affecting the movement of the price in a very positive way. Right now, BTC is still at $65K after some good dip in recent days so I am expecting that maybe there is a big chance for it to reclaim the $70K spot days from now. I would be worrying a lot with the movement of Bitcoin can be towards exchanges as there is a chance they can be converting them to USDT for liquidation.

Right, and it's two fold in my opinion, perhaps a newbie or a beginner trader might take this as negative news as there are some movements around big wallets. And that's why I don't follow these so called whale alerts, I mean we can interpret it in many ways and we could speculate which could be the owner of the wallet.
But in any case, the price goes to $70k again, and maybe before the end of the month, the bulls might want to push it again above that price before the block halving. And as bitcoin holders, there's nothing to be afraid or nervous though, we all know that the big game will start after the block halving.

[Zed0X]

I just love how there is excitement when there's a huge outflow from exchanges while there's fear when it's the opposite (large amount of BTC moving to CEX). I guess a lot of people uses this as part of their indicator and adjust their trading strategy base on this.

[Lucius]

I don't know if they really get notified in other ways. But if someone does not use a dedicated email for his CEX account and gets multiple emails every day, it's harder for them to check their emails every day. Even I do not check my emails daily. Maybe whales can get notified in multiple ways, but when it comes to average users like me, I simply cannot afford to lose all my crypto investments. They can say that we had to send emails which we did.

If you have a lot of e-mails, then I agree that it is not very easy to check them every day, but if you have some significant funds on CEX, then you should have an e-mail that can be configured in such a way that you are notified that you have received an e-mail without you have to check at all. Many e-mail providers have the possibility of notifications, which is a very useful option.

However, anyone who uses CEX as a wallet faces much greater risks than whether they will read an e-mail or not.

[Captain Corporate]

I feel like when there is a bull run, these type of news becomes normal and I do not think that we would have anything that will make it change eventually, it should not be something to care about all that much because we are already seeing it grow big and actually making some changes here and there. This is why I believe that we could potentially see even bigger news and still not have the market react to it. When its bear, good news means more because there are so few of them, but when its the bull market like now, its not really that much of a trouble and nobody really cares about it.

[Learn Bitcoin]

However, anyone who uses CEX as a wallet faces much greater risks than whether they will read an e-mail or not.

+1.
That is what the main point is. No matter what you do with your email or the notification system, you are still at risk when you are holding your funds in a CEX. That is my whole point. Not everyone uses an exclusive email for CEX accounts. Most of us use regular email to sign up on a CEX and we use the same email to sign up on a casino. Some of us may even sign up on porn hub using the same email  We end up paying no attention to the emails because we get a lot of emails every day.