U.Today - On May 14, two large Bitcoin transfers to Coinbase (NASDAQ:COIN), a leading U.S.-based crypto exchange, were identified during the latter hours of the day by blockchain tracking platform Whale Alert.
According to the data provided, the transactions saw a total of $102,850,765 in Bitcoin moved to the exchange in two separate transfers, sparking speculations of increasing Bitcoin sell-offs among whales.
While the transactions appeared identical with exactly 498 BTC transferred twice, they were conducted by two unknown whales at slightly different amounts. The first 498 BTC transfer was worth $51,433,438, and the other $51,418,327.
Whales’ sell-off threatens bullish momentum
The large Bitcoin transfers come amid the market correction experienced by major cryptocurrencies later today.While Bitcoin and other top altcoins had resumed a bullish trajectory today, the cryptocurrencies switched to the red zone during the latter hours of the day.
According to data from CoinMarketCap, BTC shows a slight price decline of 1.43% over the last day. Following this decent dip in Bitcoin’s price, the cryptocurrency is trading at $103,441 as of press time.
While this has become a regular trading activity in recent days, massive Bitcoin transfers like this to exchanges often indicate sell-off attempts by high-profile investors or institutional investors.
This move threatens Bitcoin’s ongoing bullish trend as increasing selling pressure from whales could trigger a potential fall in the price of the asset. This, in return, can cause inexperienced or smaller investors to sell their assets out of panic, fueling more dumps for the asset.
Although it is not certain if the large Bitcoin transfer to high-liquidity platforms like Coinbase is an attempt to redistribute the assets or sell them off, investors may not need to panic about the move following speculations that large transfers like this don’t always lead to immediate market moves.
Nonetheless, market sentiments on Bitcoin’s potential have retained a bullish momentum following sustained optimism among retail and institutional investors. Recent reports from U.Today show that institutional investors like MicroStrategy remain committed to their Bitcoin accumulation strategy.