Anonymous whales withdrawn a close to $280M in Bitcoin from Coinbase as price briefly plunged under $40,000
When the Bitcoin price dropped to $39,405 on April 11, and earlier today, two large BTC transfers were detected, carrying 6,800 BTC from the Coinbase exchange.
6,800 Bitcoin shifted to cold storage from Coinbase as price drops below $40,000
BTC has managed to recover to $39,997 after briefly penetrating the $40,000 region. About 8 and 20 hours ago, two large amounts of Bitcoin were transferred from wallets on Coinbase to crypto addresses that the aforementioned crypto tracker tagged as “unknown.”
— Whale Alert (@whale_alert) April 11, 2022
In these two transactions, 5,100 BTC and 1,700 BTC were transferred worth $206,822,770 and $67,391,210 respectively.
One of several possible explanations here is that these were purchases made by someone who bought the dip and moved the crypto to cold wallets.
— Whale Alert (@whale_alert) April 12, 2022
Coinglass shared that in the past 24 hours, nearly half a billion USD worth of crypto trading has been liquidated on various exchanges – Binance, Huobi, Bitfinex, OKEx, and more. Those were long-term liquidations, while positions were also liquidated but not by much – $45.2 million.
📉 #Bitcoin‘s drop to $39.4k yesterday saw a massive amount of profit taking transactions. Interestingly, these spikes typically happen while prices rise, and this was likely trader capitulation right before many $BTC would be in negative profit territory. https://t.co/hB8fH2pMYb pic.twitter.com/DTdVxYTymv
— Santiment (@santimentfeed) April 12, 2022
Santiment’s analysis team commented that when the leading cryptocurrency dropped to the $39,400 region yesterday, the market saw a lot of profit-takings. Since, in most cases, traders sell to lock in their profits when the price rises, in this particular case, this could have been done by a trader who invested before the Bitcoin price dropped, pushing many other market participants into the negative territory.
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