TL;DR
- Genesis Trading has moved over 12,600 BTC, valued at $720 million, to Coinbase. Drawing attention from analysts and investors for its potential implications.
- The transfers involved amounts ranging from 500 to 700 BTC per transaction. Resulting in a significant reduction in Genesis’s portfolio from 46,000 BTC to 33,356 BTC.
- This move coincided with a legal settlement in New York. Requiring Genesis to pay $2 billion in restitution for its Earn program and cease operations in the state.
Genesis Trading, one of the major players in the crypto market, has executed a massive Bitcoin transfer to Coinbase, moving more than 12,600 BTC valued at approximately $720 million. This substantial figure has caught the attention of analysts and investors, sparking debates and generating various speculations about its potential implications.
According to Arhkam Intelligence data, Genesis Trading’s transfers mainly involved amounts ranging between 500 and 700 BTC per transaction. These movements have significantly reduced Genesis’s portfolio, which previously held over 46,000 BTC as of mid-June, now reduced to 33,356 BTC.
The transfer of these funds to Coinbase occurred amidst a legal agreement with the New York Attorney General, compelling Genesis to pay $2 billion in restitution for its Earn program and cease operations within the state. The move appears to align with the company’s efforts to comply with the imposed legal obligations.
Genesis Trading Holds Over $2.22 Billion in Crypto Assets
Currently, the total value of crypto assets under Genesis Trading’s custody amounts to $2.28 billion. With Bitcoin representing the majority at $1.91 billion, followed by Ether at $364 million. The transfer has raised questions about its potential impact on Bitcoin’s price. Additionally, concerns have arisen regarding the overall dynamics of the crypto market, which has experienced significant fluctuations in recent weeks.
According to the latest CoinMarketCap data, Bitcoin has had a highly positive week, recovering from tough days in the market. BTC has risen by 13% over the past week, surging above $63,000. Its trading volume has increased by 40% and is approaching $31 billion. As for the overall crypto market, its total capitalization increased by 4.67%, surpassing $2.31 trillion.
