Bitcoin Whales Have Been Rushing to Stock Exchanges for 3 Days: $3.8 Billion in Sales Possible!
While Bitcoin has been falling below $60,000, the activity on stock exchanges has drawn attention.
Bitcoin started the week above $64,000, but fell to around $62,000 at the end of trading on October 7. Bitcoin, which fell in the following three trading days, fell below $60,000 on October 10, breaking a critical support level by falling below the 200-day exponential moving average.
According to data provided by CryptoQuant, approximately 28,000 BTC were sent to stock exchanges on October 7. In return, an additional 23,500 BTC were transferred to stock exchanges on October 8, and approximately 12,000 BTC reached stock exchanges on October 9.
The total value of these Bitcoin assets is positioned at $3.8 billion.
While the decrease in the amount of Bitcoin on stock exchanges is generally interpreted as a bullish signal, such opposite situations are interpreted as increasing selling pressure.
Especially on October 10, when the price fell below $60,000, many whales made panic sales. This transaction, which investors made with the expectation of a further decline, was enough to create concern in the market in general.
According to CoinGecko data, Bitcoin, which has increased by 2% in the last 24 hours, is being traded at $61,800 at the time of writing.
