$940 Million in Bitcoin Move off Coinbase, Fueling Speculation a Whale Is Accumulating $BTC

Roughly $940 million worth of the flagship cryptocurrency Bitcoin ($BTC) were suddenly moved off of wallets associated with the Nasdaq-listed cryptocurrency exchange Coinbase, fueling speculation a large player is accumulating funds.

According to Bitcoin blockchain data tracked by on-chain analytics firm CryptoQuant, around 48,000 BTC suddenly moved off of wallets associated with Coinbase Pro, Coinbase’s former professional trading service, with a large portion of those coins having been dormant for between three and five years.

While analysts have noted that further investigations are necessary to determine whether the transaction was an internal one from Coinbase, or whether a large player is accumulating BTC, theories quickly started appearing.

One on-chain analyst suggested that the electric car market Tesla was buying back the $BTC it sold earlier this year to secure cash. At the time, the value of BTC Tesla sold was around $936 million, and the recent outflows were of 48,000 BTC worth roughly $940 million.

The analyst also pointed out that Tesla will post its financial results for the third quarter of 2022 after the market close today, October 18, 2022, shortly after the large BTC transaction was conducted.

As CryptoGlobe reported, veteran investor Lawrence Lepard, the founder of investment management firm Equity Management Associates, has revealed he believes that the price of the flagship cryptocurrency Bitcoin could “easily” 100x to $2 million within the next few years.

Several significant BTC price predictions have been made over the last few months, with some of the most notable coming from serial investor Tim Draper, who has said $BTC would reach $250,000 by the end of 2022 or by 2023.

Yassine Elmandjra, an analyst at Ark Investment Management, has defended the firm’s prediction that the price of the flagship cryptocurrency Bitcoin ($BTC) will top $1 million in the future.

Elmandjra defended a price prediction made by the fund manager of Ark’s flagship innovation-themed exchange-traded funds (ETFs), Cathie Wood, that BTC would top $1 million by 2030.

While the price of BTC and other risk assets has been plunging over the past few months, as the U.S. Federal Reserve and other central banks raise interest rates in a bid to tame inflation. Elmandjra said there’s still a significant opportunity in investing in BTC, as it has a number of potential use cases.

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