There have been significant crypto transfers this week, some of which exceed $175 million. On the last 24-hour scale, BTC and ETH flowing to centralized exchanges are noteworthy. The details of the transactions and their effect on the price are as follows…
Huge crypto whale transfers 10,000 BTC to Coinbase
On May 18, a deep-pocketed investor transferred 10,000 BTC worth $267 million to his Coinbase wallet. This significant transaction has raised questions about its potential impact on the market.
Interestingly, this particular whale had previously transferred 10,000 BTC to Coinbase on May 12 when the Bitcoin price was $27,620. After the whale’s previous deposit, the BTC price fell 6% to $25,811.
In another transaction, 1,750 Bitcoin (BTC) flowed to Binance
According to Lookonchain, another notable Bitcoin whale deposited 1,750 BTC worth over $48 million on Binance yesterday.
On April 21, the same whale again deposited 5,791 BTC on Binance, equivalent to $163 million. This transfer led to a 3% drop in Bitcoin’s price within five hours.
Lookonchain says this whale has a history of buying large amounts of Bitcoin. The report shows that the whale first received 10,000 BTC worth $171 million on December 1, 2022, when Bitcoin was priced at $17,101.
This whale currently holds 2,459 BTC. Its total profit is over $105 million.
Are crypto whales responsible for the Bitcoin drop?
Santiment says that after BTC whales started a similar accumulation spree between late December and early January 2022, BTC surged over 30% earlier this year. This shows that the same whales have the power to exert negative pressure on the price.
According to the report, “Bitcoin’s layer of key big whale addresses has been steadily accumulating over the past 5 weeks, accumulating a total of 84,897 BTC during this time of sluggish prices. Prices rose 34.4% in the previous accumulation cycle in January.”
In control of crypto whales in ETH
According to Spot-on-Chain data, another major investor has transferred 3,400 ETH worth approximately $6.16 million to Coinbase. The giant whale address had previously accumulated 14,300 ETH between September and November 2021. This purchase averaged $1,558.
Then, the whale started emptying its wallet before the ETH price plunged in the second half of 2022. The data shows that the ETH decline coincides with this whale sale.
cryptocoin.com As we reported, a transfer of 20 trillion SHIB was among the other prominent whale transactions of the week. Let’s point out that a single whale is responsible for this process. Meanwhile, the Shiba Inu team announced the pre-sale date for the cold wallets that it will launch in partnership with Tangem Wallet.
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