A Bitcoin whale has moved 2,832 Bitcoins from an undisclosed wallet to the Coinbase cryptocurrency exchange, as reported by Whale Alert, the renowned blockchain tracker known for monitoring notable transactions. This transfer occurred within a day of considerable Bitcoin market activity, triggered by a mistaken report from a journalist claiming that the BlackRock spot ETF had received approval.
The transaction spotted by Whale Alert is generating a conversation among crypto users who may be trying to preempt the intentions of the whale and the impact it could have on the Bitcoin market. Usually, when whales send digital assets to crypto exchanges, it suggests the possibility of an impending sell-off since they are introducing the digital assets to an environment where they exchange them for fiat or other digital assets.
Several observers suspect a sell-off of the transferred Bitcoins, especially considering the timing of the transfer. It is happening shortly after a supposedly false rally triggered by misleading information.
Bitcoin rallied over 10% yesterday following the news of a BlackRock ETF approval by one of the leading crypto media websites. Shortly after the news broke, the media outfit debunked it and apologized to the public, promising to initiate an internal investigation over the critical error by one of its journalists.
Bitcoin price retraced after the news was debunked, losing 50% of its daily profit. However, the price remained above significant resistance, suggesting the possibility that several limit orders may have been triggered. Hence, users are attentive to observing how the whales would react in the aftermath of the event.
The recent transaction flagged by Whale Alert has left the crypto community in a state of heightened anticipation, as various theories circulate about the intentions of this particular whale. Some speculate that the whale may be looking to capitalize on the recent price surge, while others believe they might be preparing to offload their crypto assets in anticipation of a potential market downturn. Consequently, a significant portion of the crypto community views this whale’s actions with apprehension, seeing them as a potentially negative indicator for the flagship cryptocurrency.