12K BTC Removed From Coinbase, Are Whales Relenting?

12K BTC Removed From Coinbase, Are Whales Relenting?

Coinbase, the largest exchange in the United States, has been the site of several big Bitcoin buy-ins this year.

Recent reports show sudden transfers of more than 10,000 BTC to private wallets are not uncommon, but they do show a preference to store Bitcoin for the long term rather than hold it close to a point of sale.

As retail investors face liquidity shortages due to high institutional participation, Bitcoin has been flowing out of Coinbase on a regular basis over the last few months. This is clear, as Bitcoin has outperformed any other institutional asset class in recent years, with returns of over 100% in Q1 2021.

During the first quarter, however, the percentage of Bitcoin supply owned by whale addresses with over 100K Bitcoin increased by 200 percent (or 3x). According to Santiment, an on-chain data provider:

“The percentage of #Bitcoin‘s supply held by whale addresses with 100k or more $BTC has risen from 0.76% 11 weeks ago, to 2.20% today, an 11-month high. Meanwhile, the smaller 1k-100k $BTC addresses have dropped from 42.4% to 39.5% in the same 11 weeks”.


For analyst Lex Moskovski, the type of investor behind such transactions remains uncertain — it could be a private individual or small group, as well as an institutional investor or corporate client.

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