Bitcoin, the world’s leading cryptocurrency, has experienced a mysterious whale transfer worth $170,911,571, according to data provided by popular blockchain tracking company Whale Alert.
The transaction, which includes 1,811 BTC, occurred on April 30 amid several other large Bitcoin transfers recorded on the same day.
BTC returns to the red zone
According to CoinMarketCap, a considerable bitcoin transfer between the two unknown wallets has occurred amid a wide range of crypto market retreats, with overall market capitalization plunging by 1.50% on the last day.
Bitcoin had returned to the red zone after posting notable profits the day before, but a massive Bitcoin transfer suggests that attempts to buy from whales will earn tokens at a lower price. In particular, while Bitcoin struggled to maintain its bullish momentum, a mysterious asset movement emerged, dropping significantly from $95,208 to $93,076 on the same day.
The anonymous nature of Bitcoin transfers has sparked speculation about the motivation behind the movement, but despite the lower price, the surge in trading volume of 18.02% in BTC suggests that whales may be actively selling their assets or redistributed them for strategic reasons.
Pressure on Bitcoin sales pressure
With the recent Crypto Market Dump, investors have questioned whether the bull cycle has already been rounded up or a temporary setback before a big gathering, but data from on-chain analytics firms suggest the former. Sell orders reveal that they are increasingly outweighing buy orders.
Data shows that the seven-day moving average of the BTC spot volume delta has plummeted significantly over the past three days. This metric measures Bitcoin demand and indicates that more market sales orders are being met than buy orders. Therefore, the weak indicators indicate an increase in Bitcoin sales pressure.
This data was followed by a strong market rally with Bitcoin above the $95,000 mark, but buyers may be hesitant, leading to the sudden price drops experienced today.
While it remains uncertain whether more volatile price action will be ahead, metrics suggest that investors may already be profiting, a massive accumulation of Bitcoin Zilla is still ongoing.
