Large-Scale Cryptocurrency Transfer

While the crypto market struggles with significant liquidation, major transfers of cryptocurrency are occurring behind the scenes. A noteworthy transfer of 666 BTC (approximately $62.17 million) was reported.

According to Whale Alert, the transfer originated from an unknown wallet under the address 3NVeX and was sent to a destination associated with Antpool, a prominent mining pool. However, data from Arkham Intelligence indicates it was ultimately sent to Cobo's, a well-known Web3 wallet platform.

Notably, this transaction was not the end of the line. An additional 17 BTC and a transfer of 683 coins were sent to another unknown address, 3BHXy, which is also thought to belong to Cobo. This address is reported to have a balance of 5,435 BTC, amounting to $511.53 million.

Such large transfers often stir excitement in the crypto community as they could signal significant buying or selling activity by major players. However, in this instance, it appears to be a straightforward transfer rather than a massive transaction.

This article was originally published on U.Today