Bitcoin, the largest digital asset in the cryptocurrency market is in the limelight as Genesis Trading, a major player in the industry has moved a significant amount of BTC to the San Fransisco-based cryptocurrency exchange Coinbase. This transaction comes in the midst of a recent price recovery witnessed around the entire crypto market, indicating a rising optimism among investors and traders.
More Bitcoin Move To Coinbase Exchange
Wu Blockchain, a leading global cryptocurrency and blockchain media led by Colin Wu reported the development on Monday, on the X (formerly Twitter) platform. According to the platform, at 21:49 UTC+8, on Monday, Genesis Trading transferred over 600 BTC, valued at a whopping $37.72 million, to Coinbase.
This transaction aligns with a wider trend observed during the past month when Genesis Trading moved more than 12,000 BTC to the American-based cryptocurrency exchange. The move to Coinbase, reveals a significant change in the dynamics of the market as Bitcoin and other cryptocurrencies recover from recent market turmoil.
Data from Arkham, a leading intelligence platform shows that Genesis Trading’s overall Bitcoin holdings now boast 32,253 BTC, worth a staggering $2.04 billion. Meanwhile, the platform’s overall crypto holdings are valued at $2.44 billion, with Ethereum being the second biggest asset held by the company.
