Appearing as a decentralized digital currency in 2009, significant whale transfers to a central exchange on Saturday were revealed in Bitcoin. The whale transfers specific to Bitcoin resulted in the movement of a total of 7,200 cryptocurrencies to the exchange, sparking rumors among curious cryptocurrency investors.
More importantly, these whale transactions occurred amidst a price decline that the cryptocurrency is currently experiencing, leading to increased speculation in the crypto market. In addition, a leading crypto analyst shared their sentiments regarding the token’s price decline and shed light on a potential upcoming bull run.
Whale Transactions in BTC’s Trajectory
According to the latest data announced by the platform Whale Alert, which facilitates tracking whale transactions on the Blockchain, whales have sent a massive amount of BTC to the Coinbase exchange in the last 24 hours. The data revealed that transactions from unknown wallets resulted in a transfer of 7,200 BTC to CEX Coinbase.
The unknown wallet, 1B31duP63n…JMAtzxnUgz, made multiple transactions, resulting in a transfer of 2,310 BTC to Coinbase. Moreover, another Bitcoin wallet, 1K9kvhQVMG…RwH2jX8SFn, performed a transfer of 2,461 BTC to the central exchange.
In addition, three more whale transfers accompanied the two transactions mentioned above. These transactions were followed by an additional 5,995 BTC moved to the Coinbase exchange. These movements by the unknown wallet addresses occurred amidst a short-term price drop following a rise in the crypto market.
The large-scale transfer of Bitcoins to the Coinbase exchange also brought about rumors. Generally, such transactions indicate a potential increase in token supply and have caught investors’ attention as a cause for the price decline specific to Bitcoin today.
Bitcoin Price Analysis
As of writing, the Bitcoin price has seen a decline of nearly 1% in the last 24 hours, reaching a price of $42,226.07. Moreover, this decline isn’t limited to just that. A broader decline of 4.42% is evident when looking at the weekly BTC price review.
Nevertheless, a notable crypto analyst, Nishant, emphasized that the BTC price has clearly risen compared to the same period last year. Last year at the same time, Bitcoin was trading at $16,000.
It can be seen that it has almost tripled today, which actually indicates that those who invested at the end of last year are happy these days. In addition, the analyst highlighted that December is generally an exciting month for cryptocurrencies and also pointed to a potential bull run for Bitcoin.
