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Bitcoin whales bought $3.12 billion in BTC in the last 24 hours.

Bitcoin quickly felt the effects of Wednesday’s Federal Reserve rate hike and failed to gain any upward traction. contributed to the decline of the leading cryptocurrency.

Bitcoin has lost its grip on the crucial $19,000 handle following the US Central Bank’s announcement. As of this writing, BTC is trading at his $18,950, down 5.5% over the past seven days, according to his Coingecko data.

As this situation developed, whale trackers observed a number of BTC accumulation transactions, indicating that whales were buying the decline.

Bitcoin Whales Soon to Draw, Buy Dip

According to Whale Alert, over 166,000 bitcoins have been transferred from cryptocurrency exchanges to unknown wallets in the last 24 hours. The total value of all registered transactions exceeds $3.12 billion.

A cryptocurrency wallet containing $40,754,647 in BTC transferred funds to Coinbase when a Bitcoin whale removed $26,447,771 worth of Bitcoin from the exchange.

The majority of reported BTC transfer transactions involve over 9,500 bitcoins. However, the majority of whale trading takes place on the Huobi cryptocurrency exchange.

Bitcoin whales, often known as “crypto whales” or simply “whales,” are terms used in the cryptocurrency community to refer to individuals or organizations holding large amounts of cryptocurrency.

These “whales” are investors who own at least $10 million in bitcoin and send cryptocurrencies from exchanges when they intend to hold their investment for the long term.

Exchange wallets are the most desirable targets for cryptocurrency thieves, so storing huge sums of money on exchanges increases the risk of loss.

Large crypto transfers are often a bearish signal

According to Wu Blockchain reports, over 43,000 BTC have been transferred from Binance’s Huobi wallet in the last few hours. The total outflow is estimated at approximately $820 million.

Cryptocurrency exchange Huobi has responded to these megatransactions. It was suggested that users’ regular withdrawal behavior caused the internal movement of funds.

Huobi also reported another whale alert transaction involving a transfer of 99,999,000,000 USDT to an unidentified wallet. We specified these as inner text. The user withdraw operation was responsible for starting the text.

Transferring cryptocurrencies from wallets to exchanges is often a negative sign. When whales move cryptocurrencies to exchanges, they are often looking for liquidity.

The security concerns associated with storing large amounts of cryptocurrency on exchanges outweigh the concerns associated with storing these assets in hardware wallets, thus discouraging investors from storing cryptocurrencies on Coinbase. I don’t think so.

This Bitcoin whale could be looking to sell the cryptocurrency or exchange it for another cryptocurrency asset.

BTC total market cap at $365 billion on the daily chart | Source: TradingView.com

Featured image from CoinCentral, Chart: TradingView.com

Bitcoin whales bought $3.12 billion in BTC in the last 24 hours.

Source link Bitcoin whales bought $3.12 billion in BTC in the last 24 hours.

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