An increase in whale activity has been observed among Bitcoin holders as Bitcoin has shown positive price action over the past few days.
On June 11, the chain tracking platform Whale Alert was discovered, discovering a massive Bitcoin transfer flowing to Coinbase, a leading US-based cryptocurrency exchange.
According to data provided by the tracker, multiple whales were worth more than $347 million, worth more than 3,165 btc, and moved to Coinbase in about two hours. Large Bitcoin transfers that suggest that Bitcoin Zilla could be about to sell its assets have occurred in multiple transactions.
Each transfer was made from an anonymous wallet. The biggest deals included 794 BTC, worth around $86.9 million based on the price of Bitcoin at the time of transfer.
Subsequent transactions included 466 BTC (equivalent to approximately $51.2 million), 464 BTC ($51.0 million), 463 BTC ($50.9 million), and an additional 464 BTC ($51.0 million), all sent from unknown walls.
Unlike other transactions that were strangely sent to exchange, 510 BTC ($56.1 million) moved from Cumberland, a well-known crypto trading company, to a Coinbase facility.
The large-scale Bitcoin transfers, usually discovered in major cryptocurrency exchanges, suggest that whales will increase their attempts to sell tokens.
This move has in particular raised concern among investors. As a large amount of BTC flows into interactions from independent wallets, it is often associated with the sale of activities by well-known investors and institutions.
The reason behind Bitcoin transfers has not been confirmed, but speculators suggest that these could be attempts to rebalance the portfolio by whales.
However, it is important to note that in relation to Cumberland’s involvement in one transaction, a recurring pattern of transfers is repeated from strategic positioning by large players, particularly institutions.
$108,000 Bitcoin stability
Bitcoin has shown a positive price action recently, but major cryptocurrencies by trading volume slowed the uptrend, falling below the $110,000 mark that began that day.
Bitcoin has returned to the red zone after a slight price drop in the past few hours, but has only dropped by 0.32% in the past day and is steadily trading at $108,678.66 as of press time.