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

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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

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