Whales Move $1.6B In Bitcoin Ahead Of Nearly 20% Selloff

Whales Move $1.6B In Bitcoin Ahead Of Nearly 20% Selloff

Bitcoin price has been in a steady uptrend for months now, but a sudden sharp selloff turned the crypto market into a sea of red today. Ahead of the market turning red, a whale was spotted moving a substantial amount of BTC to a popular cryptocurrency exchange, taking reserves to the highest level all year. Since the deposit was made, nearly 20% has been taken off the price of the leading cryptocurrency by market cap. 

Here’s how on-chain data could have called the move in advance and what technicals are currently saying about the Bitcoin bull run.

Whales Move 28,000 BTC Worth $1.6 Billion Ahead Of Selloff

Trending: UNPRECEDENTED: The Federal Reserve Went Down Today

Yesterday, while Bitcoin price was setting records and nearing $60,000, a whale was making a massive deposit of 28,004 BTC to the Winklevoss twins owned cryptocurrency exchange Gemini.

A whale moved 28,000 BTC worth $1.6 billion at the time to Gemini  | Source: CryptoQuant Alerts Beta

Cryptocurrency quantitative analysis platform CryptoQuant

Continue reading

You Might Like

Do NOT follow this link or you will be banned from the site!
Thanks for sharing!
Send this to a friend