A large holder sent 9,800 Bitcoin BTC/USD worth $428 million to Coinbase Global Inc COIN on Friday.
What Happened: The transaction was flagged by blockchain wallet tracker and analytics platform Whale Alert.
9,800 #BTC (428,608,220 USD) transferred from unknown wallet to #Coinbasehttps://t.co/TJduZPSUfZ
— Whale Alert (@whale_alert) April 8, 2022
When whales send large amounts of Bitcoin to exchanges, it is usually with the intent to sell.
Most market participants perceived the sizeable amount of BTC sent to Coinbase as enough to create significant selling pressure. Retail traders that anticipated a price move downward were quick to limit their long exposure to Bitcoin.
Data from BitInfoCharts shows that the whale wallet first received the Bitcoin on April 1 at an average price of $45,372 per coin. If the whale sold the coins at the time they were transferred out of the wallet, he did so for a loss of $18 million.
According to data from Benzinga Pro, Bitcoin lost 3.16% in the last 24 hours, falling to $42,290 at the time of writing. The wider crypto market cap also saw a 2.7% decline, dropping down to $1.96 trillion.
Ethereum ETH/USD was down 1.7%, trading at $3,200 and Dogecoin DOGE/USD was trading at $0.1428, down 3.74% over the last day.