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Cryptocurrency exchange Coinbase has been involved in a significant Bitcoin transfer that has led to some startling revelations. There are claims that $1 billion worth of Bitcoin has gone missing. But is it possible for a transfer to go missing when everything is recorded on the Blockchain? Let’s take a closer look at the details of the transfer.
What Do the Data Say About Bitcoin Movement?
As reported by Whale Alert, Coinbase executed two consecutive transfers totaling 18,484.69 BTC. The first transfer moved 9,322 BTC worth $485.248 million to the address “1AyhP”. Following that, a second transfer of 9,162 BTC worth $476.9 million to the address “19hJg” was observed. Both addresses appear to be newly established and have no prior transaction history, which is noteworthy.
Despite this significant withdrawal of cryptocurrency, the price of Bitcoin has continued to rise. The flagship cryptocurrency Bitcoin is currently trading at $52,332. BTC’s market value remains above 1 trillion dollars. Comments suggest that Bitcoin’s price will continue to rise towards $58,000.
It is important to note that the effects of these large-scale BTC movements on the cryptocurrency’s price trajectory remain uncertain. Historically, such withdrawals from exchanges are often perceived by the community as bullish signals. However, given the volatile nature of the cryptocurrency market, drawing definitive conclusions is challenging.
Did Bitcoin Go Missing?
It is impossible to say that the Bitcoins have gone missing because the two addresses mentioned above are known. We are aware that the concept of lost Bitcoins is used in the cryptocurrency market. This term is more commonly applied to Bitcoins that can’t be accessed by their owners due to forgotten keys or wallet passwords.
Given that there has been an outflow from the cryptocurrency exchange Coinbase and the destination addresses are known, it’s difficult to speak of a loss. Moreover, considering that Coinbase is a significant custodian for spot Bitcoin ETF issuers, this outflow could have been made by them. On the other hand, we can also discuss the possibility of an internal movement within the exchange itself.
