Crypto traders are tracking the sudden movement of $463 million in Bitcoin.
The analytics tracker Bitcoin Block Bot was the first to spot four transactions on Monday, which all happened in a three-minute window, transferring a total of 40,758 BTC.
According to Whale Alert, one of the transactions sent 8,000 BTC from the US-based crypto exchange Coinbase to a wallet of unknown origin.
— Whale Alert (@whale_alert) October 13, 2020
Although the transfer could also be Coinbase simply moving funds around for security purposes, Whale Alert is designed to filter out such transactions.
The transfer quickly sparked talk among traders that a large institution or individual is allocating a portion of their portfolio to Bitcoin. A similar move of more than half a billion dollars in BTC over the weekend