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Whopping $880 Million in Bitcoin Shoveled to Exchanges – Will BTC Price Hold?

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Fri, 8/12/2023 - 13:42
Whopping $880 Million in Bitcoin Shoveled to Exchanges – Will BTC Price Hold?
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Crypto analyst and trader Ali Martinez (@ali_charts on Twitter/X social media network) has posted a tweet to say that over the past five days, unknown cryptocurrency whales have transferred an astonishing 20,000 Bitcoins to crypto exchanges.

This amount of Bitcoin is evaluated at more than $880 million. The chart shared by Martinez shows that the overall massive plunge in exchanges’ Bitcoin supply is now being followed by a staggering BTC inflow to trading platforms.

The Bitcoin price surpassed the $44,300 level on Tuesday. However, since then, the flagship cryptocurrency has seen a decline of 2.65%, taking Bitcoin down to the $43,146 level, where it is exchanging hands at the moment.

Several commentators to the tweet opined that such a massive Bitcoin chunk being sold is bearish for the flagship cryptocurrency.

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DOGE Price up 5.5% as 64 Million Dogecoin Moved to Coinbase

Whales keep moving Bitcoin and Ethereum to exchanges

Cryptocurrency tracking service Whale Alert spotted multiple transactions carrying millions of USD in Bitcoin and Ethereum to major crypto exchanges – Binance (1,127 BTC), Coinbase (16,788 ETH), Bitfinex (4,535 BTC) and also 7,239 BTC valued at a massive $313,534,431 were just transferred from one anonymous wallet to another.

A whale, according to blockchain sleuth @lookonchain, deposited 1,449 Bitcoin to Binance a short while ago and made a total profit of approximately $65,000,000.

Bitcoin enters “Greed” zone

Bitcoin Fear and Greed Index has shifted into the “Greed” zone, showing 72 for a few days already. Bitcoin's “Greed” shows that the market may be stepping into the correction phase soon. When it shows “Fear,” this indicates that market participants are being hit with FOMO (fear of missing out) and are rushing to buy crypto.

On-chain data vendor Santiment has recently spread the word about a significant increase in the number of Bitcoin addresses holding 100+ BTC. By the time Bitcoin surged to reach $44,000 earlier this week, “the amount of existing 100+ $BTC wallets have correlated tightly with this price climb.” Since the big decline on Nov. 9, 48 of these addresses that belong to whales have returned over the last four weeks, Santiment tweet says.

Bullish Bitcoin price expectations continue to dominate the market with a powerful reason behind them – around a dozen Bitcoin spot ETF submissions are currently being reviewed by the SEC regulatory team.

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