BTC Witnesses Unusual $120 mn Transaction Activity

BTC Witnesses Unusual $120 mn Transaction Activity

The crypto market experienced a surge of activity on 15^th oct, with Bitcoin (BTC) generating an unusual $120 million in transaction volume. Whale Alert reports that 2,818 BTC, equivalent to $75.8 million, was sent to Coinbase, while 1,630 BTC, valued at $43.82 million, was withdrawn from Bybit.

On-chain data analysis reveals that the sender address in Coinbase’s transfer withdrawn Bitcoins from a hot wallet earlier in the week, holding them for four days before returning them. This suggests internal operational activities within the exchange, possibly optimizing BTC reserves storage through a new, undisclosed wallet. Bybit’s 1,630 BTC withdrawal was traced back to the exchange’s known cold wallet address, “bc1qs,” holding 34,231 BTC, equivalent to $918.93 million.

However, these transaction activities had no impact on BTC’s price.The crypto market experienced a surge of activity on 15^th oct, with Bitcoin (BTC) generating an unusual $120 million in transaction volume. Whale Alert reports that 2,818 BTC, equivalent to $75.8 million, was sent to Coinbase, while 1,630 BTC, valued at $43.82 million, was withdrawn from Bybit.

On-chain data analysis reveals that the sender address in Coinbase’s transfer withdrawn Bitcoins from a hot wallet earlier in the week, holding them for four days before returning them. This suggests internal operational activities within the exchange, possibly optimizing BTC reserves storage through a new, undisclosed wallet. Bybit’s 1,630 BTC withdrawal was traced back to the exchange’s known cold wallet address, “bc1qs,” holding 34,231 BTC, equivalent to $918.93 million.

However, these transaction activities had no impact on BTC’s price.

(With inputs from Shikha Singh)

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