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- Whale Alert records a large transfer of 100,000 BTC from unknown addresses to exchanges.
- The increased inflow of transactions could indicate a further drop in Bitcoin price if the whales decide to sell all BTC.
Whale Alert has recorded an increase in transactions from Bitcoin whales over the past few days. According to data provided by the monitor, an estimated 107,209 BTC with a value of approximately $560 million has been moved since March 16.
Transactions have been made from unknown wallets to large crypto exchanges such as Binance, OKEx and Bitfinex. At least a dozen transactions in amounts exceeding 1,000 BTC. The lowest transaction is exactly 1,318 BTCs with a value of $7.2 million, at the time of publication. The largest transaction was recorded yesterday, March 17, with 47,846 BTCs ($252,245,182) moved between two unknown wallets.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 47,846 #BTC (252,245,182 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) March 17, 2020
Caution on possible drop in Bitcoin (BTC) price
The transactions could be part of a new massive sale by Bitcoin whales. With worldwide uncertainty over the spread of the Coronavirus (COVID-19) and the collapse of global financial markets, investors may be preparing to liquidate their positions and, as Blockroots founder Josh Rager said, secure their money in cash.
March 12 saw one of the worst falls in Bitcoin prices in its history. The cryptocurrency went from $8,000 approximately to $3,700 at its lowest point. Although it managed to stabilize along the $5,100 mark, the drop created a shock in the community and the entire crypto market that was impacted negatively.
Analyst Omkar Godbole recently said the fall may have been predicted. At least, according to Godbole, investors could have been forewarned. Analyzing data from the days before Bitcoin’s fall, Godbole found that the inflow of transactions to major exchanges began increasing from March 8. Godbole believes this increase, similar to what has occurred in recent days, as recorded by Whale Alert, is an indicator that some whales were preparing to “dump Bitcoin”.
Godbole tracked the increase in the flow of transactions from major exchanges. At Binance, for example, the flow of transactions increased from block number 620.8 thousand. When the block was mined, there was a change in the average transaction inflow which is normally around 100 BTC. As of March 8, this average inflow varied from around 130 to 1,700 BTC.
Godbole observed a similar trend in the transaction inflow of all major exchanges he analyzed. The analyst warned investors and said that this indicator can serve as a warning to avoid sudden crashes such as those recorded by Bitcoin on March 12. The increase in the inflow of transactions is similar now and could indicate a further drop in the coming days.
Bitcoin’s price is $5,099, at the time the article was published, with a 3.84% loss in the last 24 hours.
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