An anonymous cryptocurrency whale holding $65,803,073 in Bitcoin has transferred its entire balance to Coinbase, according to data from blockchain detective Whale Alert. A selling pressure is feared as whales of this size keep their funds in cold wallets.
Bitcoin may be eroded for these reasons
According to analysts, crypto money transfers from wallets to exchanges can be interpreted as a bearish signal. Most cryptocurrency whales keep their funds in a hardware wallet because these devices are more secure than cryptocurrency exchanges. When Bitcoin transfers of this size are detected, it usually means they are looking for liquidity. Since the security risks of holding large amounts of cryptocurrencies on an exchange are higher than keeping those funds in a hardware wallet, it is unlikely that the investor plans to keep their crypto on Coinbase. According to analysts, this Bitcoin whale can be expected to either sell BTC or exchange it for other altcoins. Well, what’s going on in Bitcoin, let’s take a quick look at their analysis…
Bitcoin (BTC) is trading sideways today and remains stable in daily and weekly valuation, trading in the 48,500 region. cryptocoin.com Known for its S2F model and aiming for over $100,000 in Bitcoin, PlanB shared that he expects an 80% collapse in his FamilyOffice Youtube interview yesterday. The analyst thinks that even though BTC reaches above $100,000, the 50% pullbacks we experienced with the Chinese bans before will repeat after this peak. Also, legendary crypto analysts Peter Brandt and Alex Krüger confirmed that we are at the bottom in Bitcoin.
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