Is a Deep Fall Expected in Bitcoin: Half a Billion BTC Moved to Coinbase!

Bitcoin's (BTC) Genesis whale draws attention with its large transfers to the stock market.

According to data provided by the on-chain analysis platform Lookonchain, the Bitcoin genesis whale transferred 1,000 BTC worth $61.76 million to the cryptocurrency exchange Coinbase on June 27.

This whale deposited a total of 8,050 BTC worth $518 million into Coinbase in the last 2 weeks. The address that carried out the transactions was recorded as “bc1q4jchcr7nla277su5lpjzttxp3xg5j8wds5lcwg”.

Whales are waking up

In recent days, whale activities have been worrying for the cryptocurrency market. Just today, a Bircoin whale, which had been sleeping for about 6 years, moved $61.5 million worth of assets to the stock market.

While these transactions made by the whales after a long time were described as a possible sales pressure, the transactions parallel to the sales of the US and German governments were interpreted as the sales adventure could continue.

According to CoinGecko data, Bitcoin, which has increased by 1.4% in the last 24 hours, is traded at $ 61,500 at the time of writing.