A series of developments that even experienced market participants find surprising has caught the attention of the crypto world. The largest cryptocurrency, Bitcoin (BTC), along with popular altcoins XRP (XRP) and Ethereum (ETH), have made headlines in the crypto world with transfers worth $800 million in the past 17 hours.
A Series of Multi-Million Dollar Transfers in Bitcoin
The notable series of large crypto transactions began with the transfer of 3,000 BTC worth $85.24 million to Coinbase exchange. This transfer was the first in a series of noteworthy transfers, followed by a total of 6,522 BTC and 6,756 BTC, totaling $376.76 million, from two anonymous wallet addresses.
Furthermore, the crypto exchange Coinbase played a leading role in these major transfers with a total of 2,785 BTC and 2,818 BTC worth $158.76 million.
Altcoins Like Bitcoin Are Also on the Move
Two notable transfers were made with a focus on popular altcoin XRP. A transfer of 30.1 million XRP worth $14.73 million was made to Bitstamp exchange, and a transfer of 22.85 million XRP worth $11.17 million was made to Bitso exchange. These transfers seem to be associated with the increasing use of Ripple Payments. Particularly, Bitstamp and Bitso exchanges, which are key payment corridors for Ripple, are at the center of these transfers.
Meanwhile, the largest altcoin Ethereum also went through a period of movement. A significant transfer of 70,704 ETH worth $110.6 million between two anonymous wallet addresses caught attention. The second significant Ethereum-focused transfer was 22,374 ETH worth $34.73 million to Coinbase exchange.
These massive transfers have led to questions about who is behind these transactions and for what purpose. As expected, the anonymity prevalent in the crypto sector hinders the answering of these questions, as much as transparency.
