A massive crypto whale transferred 3,001 BTC or about $130 million worth of Bitcoin from Coinbase to an unknown wallet.

Another large crypto transaction spotted as a crypto whale transferred 3,001 BTC from Coinbase to an unknown wallet. The reason why this news is quite peculiar is due to there being an individual hodling that much amount of BTC inside a centralized exchange.

Why the News is Surprising

It is quite rare for crypto whales to trust their large hodlings in a centralized exchange like Coinbase. Most of the time, whales usually keep their holdings in a private wallet like a physical wallet or an online crypto wallet.

As seen on the thread on a tweet by Whale Alert, a certain user reacted to how someone could just hold 3,001 BTC on Coinbase. To this, theories sprung with one user saying that the person didn’t hodl on Coinbase but rather buy the crypto there and send it to their personal wallet.

Theories as to Why the BTC Transaction Happened

The thread continued with certain users saying that the person is dumping Bitcoin. This, however, remains to be seen since the main intentions of the investor are still unknown.

As of the moment, it remains anyone’s guess as to what the investor plans to do with the BTC they transferred from Coinbase to the unknown wallet. One commenter said that the whale could be coming from Pakistan.

Pakistani Government Gave Investors 10 Days

This theory could actually be true since the Pakistani government actually gave investors 10 days to move their assets before the country ultimately bans crypto. Should this be true, the investor could have probably moved their assets away from a centralized exchange in order to hide them from sight.

Should the investor be moving their assets away from Coinbase, this could mean that they are trying to hide their assets away from an exchange that requires KYC. Coinbase, like other centralized crypto exchanges, requires the identity of its users in order to transfer a certain amount of assets.

Centralized Exchanges Requiring KYC

Although Coinbase doesn’t really require KYC straight up, there is still a limit to how much BTC or cryptocurrency in general users will be able to transfer depending on how verified their account is.

Another theory is that the crypto whale is buying the dip and hiding it somewhere safe. This, however, is a theory that lacks evidence as well since there is nothing much known about the wallet the BTC was sent to.