6,800 Bitcoin Tokens Moved To Cold Storage From Coinbase Amid Price Dump

As the price of Bitcoin dropped to $39,405 on the 11th of April earlier this week, Whale alert – a crypto tracking platform – has detected two large Bitcoin transfers,conveying about 6,800 BTC from the coinbase exchange.

Recently, the flagship digital currency has managed to get back $39,997 after entering the $40,000 zone in a brief time.

Whale alert has revealed that around 8 and 20 hours, two gigantic amounts of bitcoin was moved from wallets on coinbase to crypto addresses which the crypto tracker described as “unknown”.

In both of these transactions, 5,100 BTC and 1,700 BTC were shifted, they were worth $206,822,770 and $67,391,210 equally.

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One of the series of possible explanations in this case is that these transactions were made by someone who purchased the dip and moved the crypto to cold wallets.

According to Coinglass, over the past 24 hours, almost half a billion USD worth of crypto transactions has been liquidated across various exchanges like Binance, Huobi,etc.

An analytics team known as Santiment stated that as the leading cryptocurrency fell to the $39,400 zone, the market witnessed a great amount of profit from these transactions. In most cases, investors tend to sell and lock in their gains as the price goes up, in this case, the transaction was done by a trader who capitulated before the fall of Bitcoin price, which made other market participants go into the negative territory.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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