A large amount of Bitcoin (CRYPTO: BTC) was sent to crypto exchanges in the last 24 hours, data showed on Tuesday.
What Happened: According to on-chain wallet tracker WhaleStats, 5,100 BTC worth around $210 million was sent to Coinbase Global Inc (NASDAQ:COIN) on Monday.
5,100 #BTC (210,943,268 USD) transferred from unknown wallet to #Coinbasehttps://t.co/NUmK4gDm41
— Whale Alert (@whale_alert) April 11, 2022
The transfer was made amid a market-wide selloff which saw Bitcoin drop more than 6% to an intra-day low of $39,373.
When large amounts of BTC are moved out of cold storage and sent to crypto exchanges, market participants perceive it as a signal of imminent selling pressure on the horizon.
Reason why #Bitcoin has been falling? Have a look. 11000 $BTC made their way into exchanges exactly at the top of this week price. This caused a massive sell off pressure on the price of #BTC . #crypto #cryptocurrency #cryptocurrecy #CryptoNews pic.twitter.com/PoGw2lKvgS
— The Verdent (@the_verdent) April 11, 2022
According to data from CryptoQuant, 11,000 BTC was sent to exchanges when Bitcoin’s price hit $47,400.
Price Action: According to data from Benzinga Pro, BTC was trading at $39,414, down 6.29% in the last 24 hours. The leading digital asset had a daily trading volume of $33.5 billion.
