On the last working day of the week, the huge Bitcoin (BTC) transfers made by crypto whales to centralized trading platforms drew attention. According to reports from different sources, two different crypto whales moved large amounts of BTC to Coinbase and Binance exchanges.
Wu Blockchain, one of the phenomenon accounts of the crypto community, shared that a whale moved 10,000 BTC (market value $267 million) to the Coinbase exchange in its post today morning.
Today, a address transferred 10,000 BTC (about $267 million) to Coinbase. On May 12, this address has transferred 10,000 BTC to Coinbase, when the BTC price was $27,620. H/T @EmberCN https://t.co/i6x2FrVcKL
— Wu Blockchain (@WuBlockchain) May 19, 2023
Commenting under the post, crypto money investors had an idea about who may have made the transfer. Some crypto-lovers pointed to the US government, while others stated that it could be a payment transaction.
Did Binance Whale Cause BTC's Drop?
On-chain data tracker Lookonchain found that a BTC whale had transported 1,750 Bitcoins to Binance the other day.
Lookonchain emphasized that after the transfer, the BTC price dropped 3% within hours. Although we cannot make a definitive judgment, the big investor may have sold the Bitcoins he carried to Binance.
Another cryptocurrency analyst, Ali Martinez, drew attention to the movement of miners.
#Bitcoin Miner Reserves dropped by more than 2,000 #BTC over the last 24 hours, which suggests miners have sold around $54 million worth of $BTC. pic.twitter.com/wLPYJY7zU2
— Ali (@ali_charts) May 18, 2023
According to Martinez's Twitter post, Bitcoin miners have sold 2,000 Bitcoins in the last 24 hours.
Due to the uncertainty in the macro economy these days, we have not been able to see the expected movements in Bitcoin. The market is expected to move sideways, especially until the FED meeting in June.
