Bitcoin whales took advantage of the recent downtrend. Investors with large amounts of BTC in their wallets made movements worth millions of dollars.
With the dramatic drop last week, Bitcoin whales took away tens of millions of dollars worth of BTC last weekend. According to the information shared by the Whale Alert account on Twitter, BTC whales carried more than 6 thousand Bitcoins to Huobi and OKEx on 5 September and 2 thousand Bitcoins the next day. As a result of the activity, the value of Bitcoin injected by whales to Huobi and OKEx exchanges in 2 days has exceeded $ 80 million.
Binance, one of the leading exchanges in terms of both daily trading volumes and market value, did not show data like the other two exchanges, but on September 5, it experienced a total of $ 23 million worth of BTC in 2 stages. In addition to exchanges, Xapo company, which provides BTC custody service, was informed that there are over a thousand BTC entries.
Will It Affect the Bitcoin Price?
Market experts say wallet transactions do not directly affect the prices of cryptocurrencies. In other words, the divestments that took place last weekend do not actually mean a sale that will lower the BTC price. Jonathan Leoag, the founder of the BTSE crypto currency exchange, told Decrypt that such whale movements are commonplace and that 2 – 3 thousand BTC inflows to the OKEx exchange can be experienced every few days.
Commenting on the developments, OKEx CEO Jay Ho stated that this kind of whale news only shows the mobility and that the reason for this movement is far from answering, creating an air of uncertainty and lowering the BTC price. He also said that this anonymity is a rule of the market, adding that no one can interfere with whale movements.
Whale Mobility Comes After These Developments
It is also observed that the decline in the US stock market comes after this whale movement. Coordinated with the $ 1 trillion meltdown in technology stocks this week, the S&P 500 index also fell. At the same time, gold has shown a significant retreat since last week, and Bitcoin has lost almost $ 2,000 in value.
It is known that the economic concerns that started with the pandemic push people to invest more in assets such as stocks, gold and Bitcoin. Cryptocurrency analysis platform Santiment, in his statements on social media, stated that BTC may be more sensitive to traditional markets than ever before until this economic anxiety related to coronavirus is over.