A Bitcoin whale has just moved 2,407 BTC from Coinbase to an external wallet. The entire transaction was valued at around $19.6M.

It seems that some whales are accumulating and moving their Bitcoin off of exchanges. One individual just transferred over $19.6M worth of BTC to their wallet. The recipient address is known for being a major Bitcoin address that currently holds 87,961 BTC.

The transfer set off Whale Alert (@whale_alert), which notified the community:

The recipient address is a well-known and closely monitored address in the cryptocurrency industry and has been marked by Whale Alert before. The address currently has a whopping $718M worth of Bitcoin. So, this recent transfer is only a small fraction of the total. It still indicates, however, that one major player in the market is accumulating more Bitcoin. Despite the massive holdings, the identity of the holder is still a mystery.

It’s difficult to assess market trends but one generally useful indicator is to follow the money. If there are large amounts of Bitcoin exiting exchanges and major Bitcoin whales are accumulating more, then that’s a tell-tale sign that something positive is brewing in the background. This is why Whale Alerts remains one of the most useful tools in the cryptocurrency market today and lets one substantiate what major players are doing.

At the time of writing, Bitcoin is trading at around $8,247 and is up just 0.28% against USD. Most of the altcoin market is rebounding heavily, however, with some posting even double-digit gains. Overall, the fact that Bitcoin has held steady above the $8,000 price point has instilled significant confidence in the market. It seems that major whales in the market agree — which is why this particular whale just moved another $19.6M worth of Bitcoin off of Coinbase.

Do you think this $19M transfer is in preparation for a major Bitcoin move upward? Let us know your thoughts in the comments below.