Bitcoin whale transfers $408.8 million in BTC to Coinbase while someone is buying 800,277 ETH, selling pressure now is strong
The cryptocurrency market began to worry about the upcoming situation again when an anonymous Bitcoin whale transferred 13,003 BTC to the Coinbase exchange. That’s not to mention the 800,277 ETH shifted between anon wallets. Many people think this is a sign to get back into USDT or sell all BTC and waiting for a low price to buy again.
Continuously throughout the day, Bitcoin and Ethereum whale make huge transactions
Whale Alert reported on the transaction, 13,003 BTC equivalent to $408,868,713 transferred from an unknown wallet to Coinbase with a payment fee amounting to 0.00011508 BTC, or $3.6. This is a fee that no other bank can offer for money transfers, not to mention a speed that no other bank can compete with.
In this case, besides suggesting that this is a sign of dumping, many people are skeptical that whales move it to exchange to attempt to create panic sales. They don’t sell it. Makes a fair stake for leverage as well.
Meanwhile, in another development, in the past sixteen hours, two transactions together worth 800,277 ETH were made by anonymous whales, while ETH is in decline.
The transaction was split in two, each consisting of more than 400,000 ETH. As a result, a total of over $1.4 billion worth of Ether was transferred by unregistered wallet holders.
As AZCoin News reported, whales are actively buying back Ether as the price drops and have held 20.58% of the 10 largest ETH wallets. Miners have also started accumulating ETH over the past month, currently holding around 122,000 after selling ETH earlier this year. In March, miners held over 163,300 ETH.
At the time of writing, BTC’s price is trading around $31,600 while ETH is staying below $1,900, changing hands at $1,884.
As AZCoin News reported, a large amount of BTC was channeled into the Binance, the number amounting to 4,518,409 BTC, or $141,84924. This number brings the total number of BTC Binance inflows to 14,550.78 coins for only 1-hour.
With the information we have right now, it can only be said that selling pressure on Bitcoin is very strong right now.
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