A massive 8,022 BTC worth nearly $738.86 million has recently exited major crypto exchange Coinbase, sparking interest on the crypto market.
According to the blockchain data tracker Whale Alert, “8,022 BTC worth $738,863,880 were transferred from Coinbase to unknown new wallet.”
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 8,022 #BTC (738,863,880 USD) transferred from #Coinbase to unknown new wallethttps://t.co/njPiLgl9zn
— Whale Alert (@whale_alert) February 25, 2025
The identity of the receiving wallet remains unknown, adding mystery to the transaction. The fact that the wallet is entirely new sparks speculation that a new Bitcoin whale might be emerging on the scene.
This move has sparked speculation about whether it signals a major accumulation by a whale or a large holder, institutional activity or just mere reshuffling of funds. However, the exact reason for the move remains unknown.
This large movement of BTC comes amid a broader sell-off on the crypto market, which has resulted in $1.52 billion in liquidations in the last 24 hours.
Bitcoin sank to a three-month low of $86,869, weakened by sell pressure in equities as the crypto market awaits its next catalyst.
What to watch next?
At the time of writing, Bitcoin was down 8% in the last 24 hours to $87,143. According to Glassnode, this drop has caused Bitcoin to trade below the short-term holder (STH) cost basis at $92,500, which has historically served between local-scale bull and bear phases.
The STH MVRV is 0.96, implying that short-term holders (STHs) have incurred an average 4% paper loss. A failure to regain the STH cost basis could mean continued sell pressure from recent buyers.
Glassnode identifies the $71,000 to $72,000 level as a critical level to monitor, noting prior post-ATH corrections (for example, in May 2021, November 2021, April 2024 and February 2024), when the price extended below the Bitcoin short-term holder cost base. If past trends hold, this may help frame potential downside risks.
BTC Cost Basis Distribution shows that the last substantial demand zone appears around $89,000-$87,000. Below this, there are relatively few investors with cost bases until $71,000 to $72,000, which could mean weaker support in this range, giving bears more control.
