A large holder sent 9,800 Bitcoin (CRYPTO: BTC) worth $428 million to Coinbase (NASDAQ:COIN) Global Inc (NASDAQ: COIN) on Friday.
What Happened: The transaction was flagged by blockchain wallet tracker and analytics platform Whale Alert.
9,800 #BTC (428,608,220 USD) transferred from unknown wallet to #Coinbasehttps://t.co/TJduZPSUfZWhen whales send large amounts of Bitcoin to exchanges, it is usually with the intent to sell.— Whale Alert (@whale_alert) April 8, 2022
Most market participants perceived the sizeable amount of BTC sent to Coinbase as enough to create significant selling pressure. Retail traders that anticipated a price move downward were quick to limit their long exposure to Bitcoin.
Data from BitInfoCharts shows that the whale wallet first received the Bitcoin on April 1 at an average price of $45,372 per coin. If the whale sold the coins at the time they were transferred out of the wallet, he did so for a loss of $18 million.
According to data from Benzinga Pro, Bitcoin lost 3.16% in the last 24 hours, falling to $42,290 at the time of writing. The wider crypto market cap also saw a 2.7% decline, dropping down to $1.96 trillion.
Ethereum (CRYPTO: ETH) was down 1.7%, trading at $3,200 and Dogecoin (CRYPTO: DOGE) was trading at $0.1428, down 3.74% over the last day.
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