271,092,516 ADA Leaves Coinbase Crypto Exchange: Where’s It Headed?

Cardano has seen a surge in whale activity over the last 24 hours, with blockchain data tracker Whale Alert reporting eight massive transactions bearing ADA to and from crypto exchanges.

Particularly noteworthy is the transfer of 271,092,516 ADA from the Coinbase crypto exchange to unknown wallets.

In the last 24 hours, Whale Alert reported four transactions worth 271,092,516 ADA, or nearly $218 million.

The four transactions are 64,782,157 ADA valued at $52,375,944; 68,784,376 ADA worth $55,593,380; 68,792,947 ADA worth $55,600,307; and 68,733,036 ADA worth $55,554,929, which were transferred from Coinbase to unknown wallets in different instances.

The move could be a fund reshuffling; whales may be moving ADA to cold wallets for safekeeping, indicating confidence in the asset’s long-term value. ADA could be headed to on-chain staking pools, decentralized protocols, or enterprise use cases within the Cardano ecosystem, though the exact reason for the move is unknown.

280,525,113 ADA moved to Coinbase

Before the movement of 271,092,516 ADA from Coinbase, a total of 280,525,113 ADA was transferred from unknown wallets to the major crypto exchange in four transactions.

A total of 70,172,212 ADA valued at $56,005,712; 70,140,461 ADA worth $55,916,351; 70,080,550 ADA valued at $55,868,590; and 70,131,890 ADA worth $55,909,519 were transferred from unknown wallets to Coinbase in four separate transactions.

It is unknown at press time whether the ADA transactions, including the aforementioned totaling 271,092,516 ADA, are related, but the fact remains that Cardano might be attracting increased institutional interest as the ecosystem advances.

Cardano released node v.10.5.1 this week, which includes networking enhancements like Windows socket fixes, shorter DNS error caching and improved peer sharing configuration behavior. This release also removes unused binaries from the node artifacts and adds the tx-generator tool.