Whale Moves 10,000 BTC ($267M) into Coinbase: Impact on Bitcoin Price?

Just six hours ago, a whale transferred a substantial amount of 10,000 BTC (equivalent to $267 million) into the popular cryptocurrency exchange Coinbase. This significant transaction has raised questions about its potential impact on the market.

Interestingly, this particular whale had previously transferred 10,000 BTC into Coinbase on May 12th, when the price of Bitcoin was $27,620. Within a day of the whale’s previous deposit, the price of BTC plummeted to $25,811, representing a decline of 6%.

This begs the question: is there a correlation between the whale’s transactions and the subsequent price drop of Bitcoin?

To further investigate this matter, curious individuals can refer to the provided link to explore the whale’s activity on the Arkham Intelligence platform.

Santiment says that the price of the leading crypto asset went up over 30% earlier this year after BTC whales embarked on a similar accumulation spree between late December of 2022 and early January.

At the time of writing, Bitcoin is currently valued at $26,866. The leading cryptocurrency by market capitalization has experienced a decline of over 1.8% within the last 24 hours.

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