U.Today – Just now, Whale Alert reported that 3,508 BTC worth $249.18 million were transferred to Coinbase (NASDAQ 🙂, the largest crypto exchange in the United States. The sender address, identified as “bc1qcl95” , is linked to Coinbase Prime Custody, which handles institutional client funds. This address was active for only six days and received 19,183 BTC from another exchange-based address during this period.
The transfer history for this address reveals multiple transfers between unknown addresses in recent months. It can be suggested that such large transfers could indicate that some major player is preparing to sell assets, since moving a significant amount to a high liquidity platform like Coinbase is often a precursor to sales.
Despite the magnitude of this transfer, the price of the cryptocurrency has remained stable and continues to trade above $71,000. This price level is only 3.8% below BTC's all-time high, reflecting market confidence and that interest from institutional and retail investors is truly present.
Meanwhile, Bloomberg reports that the short-term 30-day correlation between Bitcoin and US tech stocks is roughly the highest since early 2023. This suggests further gains in the stock gauge may be accompanied by a bullish movement in the cryptocurrency market. leader.
Mike Novogratz, CEO of Galaxy Digital, mentioned on Bloomberg Television that a more positive US political environment for digital assets will likely help push the price of Bitcoin to a record $100,000 or even higher by the end of the year.
This article was originally published on U.Today.
