Whale Alert, a website that follows large crypto transactions, reported a transfer of 29,611 BTC ($1,166.128,557.60) from Coinbase to an unknown wallet on March 11.
Although it was not immediately evident who was responsible for the transfers, others speculate that it was an internal Coinbase transfer to one or more of their cold wallet storage wallets.
This is one of the largest single Bitcoin transfers from any exchange so far this year. In the previous few weeks, the quantity of coins transferred from exchanges to wallets has increased significantly.
This week, a single entity transferred 40,028 ETH from Curve-fi to an unknown wallet, bringing the total number of Ethereum moved off exchanges to 100,000. XRP, BNB, and USDT come in second and third place, respectively, as assets with the most transfers.
In addition, digital assets going from crypto exchanges to wallets has always been regarded as optimistic since it minimizes the likelihood of entities selling their coins, which could be fatal to the overall market.
On the other hand, they are not necessarily a cause for concern, since it could indicate that some investors are looking to diversify their portfolio by purchasing additional coins.
Today's transfers occur as BTC's price, along with $40,000, continues to hunt for a foothold.
Traders have been thrown into a speculative frenzy in recent days, with prices jumping by almost 11% on Wednesday ahead of President Biden's progressive executive order on cryptocurrency.