Bitcoin He immediately felt the impact of the interest rate increase announced by the US Federal Reserve (Fed) on Wednesday (21). Other macroeconomic variables also contributed to the decline of the world’s top cryptocurrencies, including ethereum.
Following the Fed’s announcement yesterday, Bitcoin fell from its $19,000 milestone, hitting $18,293 after just a few hours. At the time of writing, BTC is trading at $19,142, according to data from CoinMarketCap.
As this situation unfolded, a whale tracker observed many BTC accumulation transactions, indicating that the whales are buying bearish.
In the last 24 hours, more than 166,000 Bitcoins from exchanges to unknown wallets, according to Whale Alert. The total value of all recorded transactions exceeds $3.12 billion.
A wallet containing $40,754,647 in BTC just send the funds to coinbasewhile a Bitcoin whale transferred $26,447,771 of the asset outside the exchange.
Most reported transactions include more than 9,500BTC. Also, most of the transactions for these whales were done on Huobi.
Large BTC transactions are usually negative signs
During the last hours, more than 43,000 BTC have been transferred from Huobi, according to a report by Wu Blockchain. Total production was estimated at approximately $820 million.
Cryptocurrency transfers from wallets to exchanges are often a negative sign, as when whales move coins to an exchange, they are often looking for liquidity.
It seems unlikely that the investor intends to store their crypto on Coinbase, as the security concerns associated with storing large amounts on an exchange are greater than those associated with storing assets in a hardware wallet.
It could be that this Bitcoin whale intends to sell the asset or exchange it for alternative assets.