As Bitcoin price dipped to $39405 on April 11 and earlier today, crypto tracking platform whale alert observed two huge bitcoin transfers, carrying 6800 BTC on the Coinbase exchange.
By now, the flagship digital currency has managed to recover to $39,997 after entering the $40,000 zone briefly.
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Whale alert has shared that between 8 and 20 hours ago, two massive amounts of Bitcoin were shifted from wallets on Coinbase to crypto addresses that the aforementioned crypto tracker tagged as “unknown”.
In these two transactions, 5100 BTC and 1700 BTC were moved worth $ 206,822,770 and $67,391,210 correspondingly.
One of several possible explanations here is that these were purchases made by someone who bought the dip and moved the crypto to cold wallets.
Coinglass has shared that over the past 24 hours, close to half a billion USD worth of crypto trades have been liquidated across several exchanges such as Binance, Huobi, Bitfinex, OKEx, etc.
Those were liquidations of longs, while positions were also liquidated but not that much – $45.2 million.
Santiment analysis team has said commented that as the leading cryptocurrency dropped to the $39400 zone yesterday, the market witnessed a lot of profit-taking transactions. Since in most cases, traders sell to lock in their profits as the price goes up, in this particular case, this was likely done by a trader who capitulated before the Bitcoin price dropped, throwing many other market participants into the negative territory.