Leading crypto exchange Coinbase has seen huge movements in Bitcoin transfers in the past 24 hours, with the exchange seeing an outflow of 33,778 BTC.
The recent transactions tracked by Whale Alert show that Coinbase saw massive amounts of Bitcoin transfers, with most of them going out from the exchange to unknown wallets.
Users are speculating that these transactions are potentially ETF-related funds, as ETF approvals are on the edge and they would need Bitcoin liquidity to go live for trading.
Whale Alert noted a total of 11 huge Bitcoin transactions related to the Coinbase wallet in the past 24 hours, out of which 3 transactions consisting of nearly 6,876 BTC were sent into the exchange while 8 transactions totaling 33,778 BTC—approximately $1.44 billion—were sent out of the exchange.
The recent updates regarding spot Bitcoin ETF suggest that the regulator is nearing the final decision and will be optimistic for issuers. Several analysts have also predicted that at least one ETF could be approved by January 2024.
Also Read: Bitcoin Has Become 13th Most Valued Currency Across The World
