Anonymous whales have withdrawn a close to $280 million in Bitcoin from Coinbase exchange as the price briefly plunged under $40,000
As the price of Bitcoin fell to $39,405 on April 11 and earlier in the day, crypto tracking platform Whale Alert detected two large Bitcoin transfers, carrying 6,800 BTC from the Coinbase exchange.
By now, the flagship digital currency has managed to recover to $39,997 after entering the $40,000 zone briefly.
$278.2 million in Bitcoin withdrawn
Whale Alert shared that around 8 and 20 hours ago, two massive amounts of Bitcoin were transferred from wallets on Coinbase to crypto addresses that the aforementioned crypto tracker labeled as “unknown”.
In these two transactions, 5,100 BTC and 1,700 BTC were moved worth $206,822,770 and $67,391,210 correspondingly.
One of several possible explanations here is that these were purchases made by someone who bought the dip and moved the crypto to cold wallets.
$428M Crypto Liquidations Detected
Coinglass shared that in the past 24 hours, almost half a billion USD in crypto trades have been liquidated on various exchanges – Binance, Huobi, Bitfinex, OKEx, etc.
Those were liquidations of longs, while positions were also liquidated but not that much – $45.2 million.
Santiment’s analysis team commented that as the major cryptocurrency fell to the $39,400 zone yesterday, the market saw plenty of for-profit trades. Since in most cases traders sell to lock in their profits as the price rises, in this particular case it was likely done by a trader who capitulated before the price of Bitcoin fell, throwing many other market players in negative territory.
