On Friday, March 11, Whale Alert, a Twitter bot that tracks trader activity, reported 29,611 bitcoins ($1,166,128,557.60) transferred from Coinbase to an anonymous wallet.
The huge transfer was divided into three rounds, the first round was 9867 BTC, the second round was 9901 BTC and the last round was 9843 BTC.
It is unclear who is behind the transfer, but some believe it is an internal transfer from Coinbase to multiple wallets.
This is the largest single bitcoin transfer on any exchange so far this year, and over the past few weeks we've seen more and more coins transferred from exchanges to wallets, with Ether topping 100,000 ETH this week alone, Curve-fi transferring up to 40,028 ETH to anonymous wallets in one go, and XRP, BNB and USDT being transferred to major tokens like BTC and ETH.
In fact, moving coins from cryptocurrency exchanges to wallets is a bull market because it reduces the likelihood of a sell-off.
On the other hand, moving coins from wallets to exchanges is no longer a problem, as an investor may plan to decentralize his portfolio by buying other coins.
Today's shift comes as BTC's price continues to struggle to hold onto $40,000. Traders have been taking profits over the past few days as bitcoin has risen 11 times. The market plunged again after CEO Joe Biden made a statement about cryptocurrencies and due to inflation data measured on Thursday that exceeded expectations.
Today, technical traders objected to the shrinking price K-line chart of Bitcoin's daily timeframe. Technical analyst and on-chain data analyst Matthew Hyland said that a bull market will occur when the price of bitcoin has to rise. Going into the $46,000 to set up for the next round, bitcoin's RSI will have to break out of the triangle as shown in the chart, but he fears that bitcoin's price will not rise until the stock market bottoms.
At the time of writing, bitcoin is trading at $39,075, while ethereum is struggling to maintain its $2,600 level after a week of market declines.
However, this is only Mr. Hyland's personal opinion and should not be used by traders as a basis for investment decisions.