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All-clear: Coinbase is Actually the “Big Whale” Moved 856,000 BTC

Last week, it was reported that a Bitcoin whale has transformed 856,000 Bitcoins into 107 wallet addresses with a balance of 8,000 BTC in each. Although Bitcoin has been in a bearish trend and falling to half of its value in just over a month, the total BTC hoarded in those addresses still worth $2.91 billion, which accounts for over 4.9% of the total Bitcoins in circulations and 2.7% of the current crypto market capitalization.201812100337418199

People are concerned about large amount BTC transactions and wondering the true identity of the whale. Some Insiders also gives their own speculations.

Some local media said that these Bitcoins belonged to as some of those address, for example, bc1q3s3, are marked as address by BitInfoCharts. However, this analyze is unrealistic, the BTC donation address provided by (15B8iGCndPacYsvLqrTNL4LqjHo7JX752h) only received 2.21485713 BTC.  201812100339271032

Mao Shixing, co-founder of F2pool, the world’s fourth-largest Bitcoin mining pool speculated that FEE uses Coinbase wallet service to collect money, and there are 13,670,127 correlated addresses, which matches well with the number of registered users of Coinbase.

In fact, Coinbase has posted an announcement in its official blog on November 29, informed that the exchange would run scheduled maintenance across its platform that may ‘cause movements on all Coinbase-supported blockchains’.微信截图_20181210180514

The time of the suspected BTC transactions also took place between December 1 and December 6, which matches the timeline mentioned in the announcement.

All these above shows that there is no ‘big whale’, the 856,000 bitcoins belong to the exchange platform and its users.

According to 8BTC, this BTC transaction conducted by Coinbase is quite reasonable. In a bear market, the transaction fee of Bitcoin is pretty low, as thus, it becomes a good time for maintenance.

In addition, transferring the funds to the SegWit “bc1” address can effectively reduce transaction costs and redistributing wallets is a common financial network security strategy to decentralize the risk.

Actually, many BTC large transfers in history have been substantiated were exchanges maintaining their wallets, so we do not have to over-interpret this issue.


  • CryptoMedication
    4 years ago CryptoMedication

    7/ Back to the leaked internal document from Huobi, you might be wondering ‘What the hell does Huobi have to do with $EOS?’

    Good question.

    Now, I’d like to present you this link: …

    Shows all ‘supernode’ investors in Huobi.

  • CryptoMedication
    4 years ago CryptoMedication

    8/ Listed here = EOS, BigONE, SIA, QTUM, MANA, Achain, IOST, TenX, ZCash, Circle, Factom, VeChain, LRC, NEO, Okcoin, QASH and a few others you’ll probably recognize.

    Chinese-speaking, bilingual friend of mine helped me to decipher this as well. That’s the 2nd

  • CoinDaddy
    4 years ago CoinDaddy

    You’re thinking they wont have the coins on hand to honor everyone’s withdrawal requests? How much of an overlap is there between crypto twitter people and people who hold on coinbase?

    Wouldn’t this be better advertises to the mom and pop retail to help them transition?

  • Sjmaliz
    4 years ago Sjmaliz

    This is cool. Why are poeple holding coins on exchanges at all?

  • Adam Moore
    4 years ago Adam Moore

    I’d say I’m in. But I’m already in.

  • ILya Z
    4 years ago ILya Z

    All-clear: Coinbase is Actually the “Big Whale” Moved 856,000 BTC | http://NEWS.8BTC.COM …

  • ILya Z
    4 years ago ILya Z

    @matt_odell Hi! can you explain this? If this big @Bitcoin movement was @coinbase maintenance, why they put BTC in old addresses 1.. , not SegWit addresses 3.. or bc1.. ?

  • Keith Erskine
    4 years ago Keith Erskine

    Thank you for the article: by I respectfully disagree with its conclusion
    1) These addrs don’t appear to act like an exchange’s cold storage. They just accumulated and held, even during the selloff that’s happened this year.

  • GigaɃitcoin
    4 years ago GigaɃitcoin

    All-clear: Coinbase is Actually the “Big Whale” that Moved 856,000 BTC …

  • 3 years ago kamoney

    Utilize a kamoney e pague com bitcoin, Ethereum, Litecoin, Zcash, Dogecoin, Decred, Dash, Bitcoin Cash, Ether Classic, Lisk, Stratis, Digibyte, Bitcore, SmartCash e Experience Points.

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