In 2009, Bitcoin, a decentralized digital currency, experienced significant whale transfers to a central exchange on Saturday. These particular whale transfers involved moving a total of 7,200 cryptocurrencies to the exchange, sparking rumors among curious cryptocurrency investors.
These whale transactions occurred during a time when the cryptocurrency was experiencing a price drop, leading to increased speculation in the crypto market. Additionally, a leading crypto analyst shared their thoughts on the token’s price drop, hinting at the potential for an upcoming bull run.
According to the latest data from the Whale Alert platform, which facilitates the tracking of whale transactions on the Blockchain, whales have sent a large amount of BTC to the Coinbase exchange in the last 24 hours. The transactions from unknown wallets resulted in the transfer of 7,200 BTC to CEX Coinbase.
These movements occurred during a short-term price drop after a rise in the crypto market. The actions from unknown wallet addresses followed with an additional transfer of 5,995 BTC to the Coinbase exchange. Large-scale Bitcoin transfers indicate a potential increase in token supply, capturing the attention of investors and being cited as a reason for today’s price drop in Bitcoin.
Currently, the Bitcoin price has shown a drop of approximately 1% in the last 24 hours, reaching the level of $42,226.07. Moreover, this drop is not limited to this but is also observed as a wider drop of 4.42% in the weekly BTC price review. Nonetheless, notable crypto analyst Nishant emphasizes that the BTC price has clearly risen compared to the same period last year. At this time last year, Bitcoin was trading at the $16,000 level.