16,000 Bitcoin Sold on Spot! Is It Bad News Pricing?

Over $30,000 in recent days bitcoin It fell to the level of $ 29,000 with a sharp decline today.

While investors are trying to understand the reason for this decline, some analysts BTCbehind the decline in Binance He stated that it may be due to a large Bitcoin sale on the stock exchange and the inflation figures in the UK that are above expectations.

According to the news of Coindesk, more than $ 25 million Bitcoin futures were liquidated in this fall of BTC, while 98% of them were long positions.

Evaluating the fall in BTC, senior analyst Vetle Lunde argued that the thought of clearing high leverage was behind the decline.

“The drop in Bitcoin looks more like a leverage cleanup.

In addition, inflation rates from the UK may have pressured risky assets, including BTC, to sell.”

Apart from Lunde, popular crypto trader “52kskew” also stated that the drop in BTC could be due to the sale of 16,000 Bitcoins worth $467 million on the Binance exchange.

“16,000 BTC was sold on the spot market on the Binance exchange. This sale is of an unusual size. Usually these types of sales happen before the bad news comes out.”

$BTC Spot CVDs
16K BTC sold at market from binance spot
Other spot exchanges had pretty typical size being sold

Interesting selloff here pic.twitter.com/9SmirkSM7b

— Skew Δ (@52kskew) April 19, 2023

Apart from Bitcoin, all altcoins including Ethereum were also affected by this drop. ETH is trading at $1,974, down 6% in the last 24 hours.