Bitcoin Whales on the Move: 8,022 BTC Worth $738M Exits Coinbase Amid Market Sell-Off

A massive Bitcoin transaction has caught the market’s attention as 8,022 BTC, valued at nearly $738.86 million, was transferred from Coinbase (NASDAQ:COIN) to an unknown wallet. Blockchain tracker Whale Alert flagged the transaction, fueling speculation about a potential new whale or institutional accumulation. The wallet’s fresh status adds to the mystery, leaving traders questioning whether this signals bullish accumulation or a simple fund reshuffle.

This move comes amid a broader crypto market downturn, with Bitcoin plunging 8% in the last 24 hours to $87,143, marking a three-month low. The sell-off has triggered over $1.52 billion in liquidations, further intensifying bearish pressure. Analysts at Glassnode highlight that Bitcoin has dropped below the short-term holder (STH) cost basis of $92,500, a historically critical level distinguishing bullish and bearish phases.

Currently, the STH MVRV (Market Value to Realized Value) ratio sits at 0.96, indicating an average 4% unrealized loss among short-term holders. If Bitcoin fails to reclaim the STH cost basis, additional sell pressure may follow. Key support lies at the $87,000-$89,000 range, but if broken, Bitcoin could test the $71,000-$72,000 zone, where past post-ATH corrections have extended.

Market participants are closely monitoring price action, as weak support below current levels could hand control to the bears. Whether this large BTC movement signals bullish accumulation or further declines remains uncertain, but traders are bracing for Bitcoin’s next big move.