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Above 60K Bitcoin Transferred Among BTC Whales and Exchanges Within 24 Hours Causing Selling Pressure

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Vast Amount Of Bitcoin Exchange Inflows Within 24 Hours Creating Selling Pressure.



According to WhaleStats a data tracker and analytics system reporting large and interesting transactions, 60,818 BTC (valued at over $2.04B) have been transferred among crypto exchanges and BTC Whales in 25 separate transactions within the past 24 hours.

The latest transaction was a 3K BTC transfer from a BTC Whale to the Gemini exchange, while the largest was 12,851 BTC transferred between two BTC Whales. Apart from the 12,851 BTC transfer, there were three other transfers where the amount of BTC moved was 3,000 BTC or more.

Below are the top BTC transfers:

12,851 Bitcoin was transferred between two whales.

6000 BTC were transferred to Gemini in two separate transactions.

4965 BTC were sent to Xapo.

While 10,611 BTC transferred to Binance in 8 separate transactions from Gemini and unknown wallets.

The massive volume of BTC transfers will likely trigger huge selling pressure – Glass node. 

The massive volume of BTC transfers will likely trigger huge selling pressure, as predicted by the bitcoin market tracker, Glass node.

 

According to Glassnode, “BTC exchange inflow volume just reached a 3-month high of 1,755,021 BTC. A previous 3-month high of 1,729,605 BTC was observed on May 8, 2022.” This huge outflow from BTC Whales to exchanges possibly indicates that the Whales are preparing for a longer market downtrend. 

This bearish market outlook has resulted in a significant drop in the bitcoin greed index. The index is currently at 11, indicating extreme fear.

 

This index gives an overview of bitcoin investors’ fear or greed level. Despite the extreme fear that pervades the BTC market, the coin’s daily transaction volume has largely remained the same.

bitcoin transaction per day

Data from the on-chain analytics platform, Ycharts (shown above), indicate that 233,892 BTC transactions took place on May 8, 2022. This is the average amount of daily BTC transactions since the beginning of the year.

However, top Glassnode’s on-chain analyst, Checkmate, advised traders to develop a plan and stick to it. Checkmate tweeted that “many of you are waiting for the bitcoin ‘capitulation wick.’ if it happens and it really is the capitulation wick, the majority of folks won’t step in a buy it because the fear will be too great. This is the way it always is and always will be. Tip: have a plan; stick to it.”

 

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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