Bitcoin whales tend to put other investors on high alert simply by moving their assets
A few transactions involving a huge amount of BTC have been spotted on the blockchain in the last 24 hours. As per data from the crypto transaction tracker service Whale Alert, the total of all coins shared was 10,096 BTC, worth more than $307 million at the time of the transaction.
As you know, crypto whales are alarming for other investors in certain situations. Whales tend to put other investors on high alert simply by moving their assets. Transactions from these humongous holders are generally the ones to watch for, since they can sometimes cause noticeable ripples on the market. Naturally, these transfers can both be bullish or bearish, depending on what the whale intended to do with the move.
Even if they are only moving them from one of their wallets to the other. Investors tend to start monitoring their every move whenever something like this happens. According to Whale Alert, five out of six transactions was from unknown wallets to Coinbase. Other notable transaction involving BTC coins include 805 Bitcoins worth $24,452,878 from Gemini to an unknown wallet.
Bitcoin price movement
Bitcoin dropped in Thursday morning trading in Asia to below US$30,500, as the U.S. government’s potential sale of Bitcoin seized from a Silk Road theft exerted pressure on the token.
At press time, the BTC price was at $30,431 and remained comfortably in the trading range between $29,800 and $31,300.
Bitcoin wallets linked to the U.S. Department of Justice (DOJ) moved over 9,800 Bitcoin worth around $300 million to unused addresses in a flurry of transactions on July 12, according to data from Blockchain.com. The move likely exerted further pressure on the token — as has been the case with other large transfers in the past.
The news broke shortly after the release of the CPI and drastically dampened sentiment. In the past, news that the US government is moving and possibly selling some of its Bitcoin always triggered severe price drops. Yesterday’s drop can still be considered moderate and an indicator of market strength.
