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Bitcoin traders often treat old-coin movement as a sign that long-term holders are waking up. Coinbase’s $69.5 billion BTC migration suggests that signal may be less reliable than it looks.
Coinbase has emerged as the preferred exchange to buy and hold Bitcoins, while Ethereum reserves on exchanges have been increasing since June.
Roughly 50,000 Bitcoins left Coinbase on Oct. 18. Last time such a hefty amount was withdrawn was in June.
Coinbase is a publicly listed digital asset platform that operates one of the largest regulated crypto exchanges in the United States.
