THELOGICALINDIAN - Twitter bot Whale Alert appear that 5500 Bitcoin was confused from an alien wallet to Binance bidding fears that the transaction ability advance to a cogent bead in BTC price
$33.8M Worth of BTC Moved from Unknown Wallet to Binance
On March 29, about $33.8 actor account of Bitcoin larboard an alien wallet to ability Binance. The crypto barter hasn’t accepted yet that this was an centralized move, which makes the crypto association anticipate this ability be addition archetype of how institutional investors are auctioning the cryptocurrency.
Some commentators adumbrated that a abrupt abatement in the Bitcoin amount coincided with the move, which accepted that it was not about Binance about reshuffling its wallets.
Shortly afterwards the transaction showed up on blockchain, the Bitcoin amount alone from about $6,150 to about $5,900. Looking at the wallet transaction data, it shows that the 5,500 bitcoins accept been ‘spent’ and beatific to a cardinal of added new wallet addresses.
Twitter commentators accept already befuddled out some barbarous predictions about the Bitcoin’s abutment price, with abstracts alignment from $4,000 to as low as $1,000.
However, the amount has rebounded and now trades aloft $6,300 as of 1:25 PM UTC.
Last week, Bitcoinist anticipated that the better cryptocurrency by bazaar cap could breach beneath the $6,000 akin afterwards basic a bifold top, which is a bearish arrangement in abstruse analysis.
Earlier today, Whale Alert tweeted that 50,343 BTC account over $320 actor confused from alien wallet to alien wallet. However, this transaction looks like an centralized transfer, admitting we can’t affirm which crypto barter is involved. What we apperceive is that the accepting address has been administering aerial aggregate affairs on a approved basis.
Are Institutional Investors Dumping Bitcoin?
Whether the BTC move appear by Whale Alert was an centralized alteration or not, abounding institutional crypto investors accept awash their Bitcoin holdings.
In fact, institutional investors were mostly responsible for the contempo Bitcoin blast that saw the cryptocurrency accident over 20% in a distinct day, which was the better circadian bead back October aftermost year. The affecting abatement came amidst a accepted agitation acquired by the coronavirus pandemic, which has hit best acceptable assets.
Do you anticipate the 5,500 BTC affairs was an centralized transfer? Share your thoughts in the comments section!
Images via Shutterstock, BTC/USD archive by TradingView
