Major cryptocurrency tracker Whale Alert detected several large Bitcoin transfers this week.
In a tweet, Whale Alert revealed that four transfers totaling 21,681 BTC worth over $909 million were deposited into Coinbase Institutional from anonymous cryptocurrency wallets.
Meanwhile, 19,161 BTC was withdrawn from Coinbase Institutional in 13 smaller transactions to unknown addresses, including new Bitcoin wallets.
Whale Alert spotted mammoth transfers of 9,783 BTC worth $410 million, 1,100 BTC, 3,000 BTC, and 7,798 BTC to Coinbase Institutional. However, Coinbase Institutional also saw Bitcoin withdrawals ranging from 1,200 to 1,479 BTC apiece to anonymous wallets.
While the reasons behind these large crypto transfers remain unclear, they highlight the massive amount of Bitcoin moving between wallets and exchanges. With crypto prices fluctuating widely, traders and investors are actively maneuvering large sums of Bitcoin.
