An anonymous Coinbase user triggered a number of whale tracking services after transferring more than $463 million in bitcoin spread across several transactions.
According to Twitter bot Whale Alert, an unknown crypto user transferred 8,000 BTC ($91 million) from Coinbase to an unknown wallet on October 13.
The transaction was confirmed by Bitcoin Block Bot, who also reported subsequent transactions of 11,363 BTC ($129 million), 10,306 BTC ($117 million) and 10,102 BTC ($115 million) stemming from the same Coinbase account.
The four transactions occurred within three minutes of one another, totaling 40,758 BTC ($463 million) and causing the crypto community to be put on alert.
Some users speculated the transactions and wallets belonged to Coinbase and represented the exchange moving funds for additional security.
Others claimed the transactions were the result of institutional traders or companies allocating investment into bitcoin.
The transactions followed on the heels of a report by analytics firm Glassnode last week showing an increase in the number of bitcoin whales.
According to the report, the increase indicates more high-net-worth individuals entering the industry of cryptocurrency in expectation of BTC price appreciation ahead.
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