An extraordinary transfer of more than $100 million in Bitcoin has shaken the cryptocurrency space, just within this hour.
Cryptocurrency exchange Coinbase (NASDAQ:COIN) has moved over $100 million in Bitcoin between its wallets, according to data from on-chain analytics firm Arkham Intelligence.
The transfer, which occurred over the last hour, saw 1,475 BTC being moved between several wallets, two of which were highlighted by the service.
The largest amount of coins, 1,205.93 BTC, was sent from address "3QYQ6" to address "3MqUP." This amount is valued at $82.3 million at the current price of Bitcoin.
According to Arkham, both wallets belong to Coinbase, with the first being a Coinbase Prime address and the second being a hot wallet address for the exchange.
Coinbase Prime is a branch of Coinbase that caters to crypto funds of institutional clients and other large legal entities.
The transfer comes amid an SEC investigation into Coinbase over its cryptocurrency-related activities. The exchange was charged by the SEC less than a week ago for conducting unregistered activities.
It is unclear from the on-chain data whether the Bitcoin belongs to Cumberland itself or to one of the company's clients. However, the latest action could be an attempt to unload assets in the portfolio in the midst of an SEC investigation.
The answers to these questions will be more important than ever for the future price of Bitcoin.
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