CryptoQuant: an anonymous crypto kite withdrew 16,021 BTC from Coinbase exchange

Analysts from CryptoQuant have recorded a significant outflow of funds from one of the world’s major centralized cryptocurrency exchanges, Coinbase. An anonymous user has withdrawn 16,021 bitcoins BTC $98,262.97 Bitcoin -0.39% Market capitalization $1.94 trillion VOL. 24 hours $2.4 billion worth almost $ 1 billion from the crypto platform. According to analysts, this is the 7th time in 2024 that more than 15,000 bitcoin coins have been withdrawn from this trading platform.

Experts said that the transaction took place early in the morning on May 15. Similar transfers have already occurred several times since February 19, when the first major BTC outflow of the year was recorded. According to experts, at first glance, this may seem like a positive development.

The value of today’s transaction is approximately $ 989.56 million. «It is utopian to assume that a transaction worth about $ 1 billion was made by a private individual. In this case, we can say that this transfer was made by an organization whose name we do not know,» said researcher Burak Kesmechi. He emphasized that this is the most optimistic assumption, but there are other alternative versions.

According to him, there is a high probability that this transaction was an institutional agreement. It could also have been an internal transfer to Coinbase. He recalled that only 12 weeks have passed since the first large withdrawal (18,746 BTC on February 19, 2024). However, this has already happened 7 times. According to the expert, this is hardly a coincidence.

The analyst believes that unknown institutional investors are behind all these transfers. The expert said he would try to find out which specific individuals or institutions are involved in the transactions.