Crypto Exchange Sees $670 Million Bitcoin Inflow on Bitcoin Pizza Day

On May 22, a major U.S.-based crypto exchange received a substantial inflow of Bitcoin, totaling $670 million. This transfer, which occurred within a few hours, involved 6,016 BTC sent from multiple unknown wallets in 13 separate transactions. The transactions were executed consecutively, with 11 transfers of 463 BTC each, and two additional transfers of 462 BTC and 461 BTC, respectively. The sender’s addresses remained unidentified, but the transactions were made from separate unknown accounts.

The timing of this transfer coincides with Bitcoin Pizza Day, a significant event in the cryptocurrency community, which has sparked speculation about the motive behind the transfer. Some market participants suggest that the coordinated activity could be from a single institution attempting to dump its Bitcoin stash. Large transfers to highly liquid platforms like Coinbase are often associated with major players preparing to sell off their assets to take profits after amassing gains from Bitcoin’s upsurge. However, despite the large transfer, Bitcoin has remained bullish, trading in the green zone since the previous day. The reason behind the massive Bitcoin transfers remains uncertain, and it has not directly impacted the asset’s price.

Over the last day, Bitcoin has surged by 4.56%, achieving a new high of $111,915. As of the time of the transfer, the coin was trading at $111,538. While market participants expect Bitcoin’s price to remain bullish in the long run, recurring dump activities from whales could slow down its potential to continue rising. This event highlights the liquidity and accessibility of major crypto exchanges, which continue to play a pivotal role in facilitating large-scale transactions. Additionally, it underscores the increasing integration of cryptocurrencies into the mainstream financial system, as traditional financial institutions and investors show a growing interest in digital assets.