Cryptocurrency traders are watching the $ 463 million spike in Bitcoin. Analytical tracker Bitcoin Block Bot spotted four transactions that took place over a three-minute window on Monday, for a total of 40,758 BTC.
According to Whale Alert, one of the transactions was sent as 8,000 BTC from the US-based crypto exchange Coinbase to an unknown wallet. Whale Alert is designed to filter out such transactions, although the transfer is also that Coinbase simply moves funds for security purposes.
The transfer sparked debate among investors that a large institution or individual allocates some of their portfolios to Bitcoin. A similar move of more than half a billion dollars in BTC over the weekend sparked similar controversy.
Recent analysis by crypto analytics firm CryptoQuant shows that the vast majority of Bitcoin whales hold their BTC and refuse to sell it. Ki Young Ju, the firm's CEO, says his data shows that the number of large investors sending their BTC to exchanges can then be sold on the open market, reaching an annual low in recent weeks.