$700M of bitcoin leaves Coinbase for a cold wallet

Almost 19K bitcoins (BTC-USD) worth ~$703M flowed out of the cryptocurrency exchange Coinbase Global (NASDAQ:COIN) through a series of four transactions within the past day, Benzinga reported Thursday, citing data from blockchain wallet tracker Whale Alert. The movement occurred through four transactions, with the largest one involving 8K bitcoin (BTC-USD), worth ~$300M. All four of those transactions transferred the crypto to the same cold wallet, which now owns 19,244 bitcoin (BTC-USD) worth ~ $765M. Outflows of ethereum (ETH-USD) from Coinbase (COIN) also occurred. On May 3, ETH outflows from the exchange reached a new record, while balances of the token fell to a three-year low, Benzinga said. The large movements can indicate that selling pressure is easing, as whales typically transfer assets into cold wallets, and off of exchanges, for longer-term holding. In Thursday morning trading, bitcoin (BTC-USD) is up 1.4% to $39.6K and ether (ETH-USD) +2.1% to $2.93K. Previously (May 4), Coinbase (COIN)