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What else can happen on the crypto market, one might ask, despite the fact that the market is taking every other trader and enthusiast on the wildest roller coaster ride ever seen, day after day. As if the multi-billion liquidations every other day were not enough, another ominous sign appeared when someone transferred 666 BTC to major crypto exchange ByBit.
Thanks to a report from Whale Alert, it became known that an unknown major whale with the address "bc1qywt" transferred a colossal amount of Bitcoin (BTC), equivalent to about $54.29 billion, to the world's second largest offshore crypto exchange.
Gamza KhanzadaevThat is not a lot, if we are being honest, with the daily trading volume of Bitcoin at $60 billion, and it is just a spot market number. But the significance of the number 666 adds a bit of dark mystery to this transfer - especially in light of all the turmoil we have seen with Bitcoin and cryptocurrencies in general over the past few hours, days and, let's admit it, weeks.
Usually, large deposits on the centralized exchanges are perceived as the sender's intention to cash out using the most liquid of the available platforms.
Yuri MolchanSo, in the eyes of the ordinary crypto enthusiast, this is a bearish sign. Is it worth saying that the price of BTC actually fell after the transfer was made? It is really like that, as Bitcoin has fallen back below $80,000.
Maybe it is just a coincidence, maybe someone saw the post and decided to sell out of fear of the number 666, or the belief that this whale is about to sell.
Trying to find something positive in this news, it could be that the sender address still holds 59,699 BTC, worth about $4.73 million, so it was only half of their holdings that were sent to ByBit.
Dan Burgin
Vladislav Sopov