On May 14, two big Bitcoin transfers in Coinbase, an exchange of American American crypto, were identified During the last hours of the day by the Blockchain Whale Blockchain Follow-up Platform.
According to the data provided, transactions experienced a total of $ 102,850,765 in Bitcoin, which has swapped in two separate transfers, arousing increasing bitcoin sales speculation among whales.
Although the transactions seemed identical to exactly 498 BTC transferred twice, they were carried out by two unknown whales to slightly different quantities. The first transfer of 498 BTC was worth 51,433,438 $ and the $ 51,418,327.
The sale of whales threatens the bullish momentum
Large Bitcoin transfers are involved in the middle of the market correction felt by large cryptocurrencies later in the day.
While Bitcoin and other best altcoins had resumed an upward trajectory today, cryptocurrencies have passed in the red zone during the last hours of the day.
According to data From CoinmarketCap, BTC shows a slight price drop of 1.43% in the last day. After this decent drop in Bitcoin prices, cryptocurrency is negotiated at $ 103,441 from press time.
Although this has become a regular commercial activity in recent days, massive Bitcoin transfers like this to exchange often indicate attempts to sell high-level investors or institutional investors.
This decision threatens Bitcoin’s upward trend because the increase in the sales pressure of whales could trigger a potential drop in the price of the assets. In return, this can panic inexperienced or smaller investors to sell their assets, supplying more discharges for the assets.
Although it is not certain that the big transfer of bitcoin on high liquidity platforms such as Coinbase is an attempt to redistribution of assets or to sell them, investors may not need to panic about the decision following speculation that large transfers like this do not always lead to immediate market movements.
Nevertheless, market feelings on Bitcoin potential have retained a bullish dynamic after optimism supported by retail and institutional investors. Recent reports from U.TODAY show that institutional investors and microstrategy remain attached to their Bitcoin accumulation strategy.
