Monitoring shows that 8,000 BTC were transferred out from Coinbase, attracting community attention

Crypto traders are tracking the sudden movement of $463 million worth of Bitcoin.

Analytical tracking software Bitcoin Block Bot was the first to spot four transactions on Monday, all occurring within a three-minute period, moving a total of 40,758 bitcoins.

According to Whale Alert, one of the transactions sent 8,000 bitcoins from Coinbase to an unknown wallet address. Although the transfer may also be just Coinbase moving funds for security purposes, Whale Alert is designed to filter such transactions. This large transfer quickly sparked rumors among traders that a large institution or individual was allocating part of its portfolio to Bitcoin.

Similar large Bitcoin transfers of more than $500 million last weekend have sparked similar controversy. Recent analysis by crypto analysis firm CryptoQuant shows that the vast majority of "Bitcoin whales" are still holding BTC and refusing to sell. The company's CEO Ki Young Ju said that CryptoQuant's data shows that the number of large investors who send Bitcoin to exchanges and then sell it on the open market has reached an annual low in recent weeks.