Convert 41,000 Bitcoins to Coinbase Pro in One Hour… Should You Worry?
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Answer Convert 41,000 Bitcoins to Coinbase Pro in One Hour… Should You Worry?
After another week of accumulating bitcoin, the price of bitcoin fell to $31,000.
Investors are looking to the weekend to sigh and finish with GBTC shares still open.
Analysts discovered an unusually large influx of 41,000 bitcoins in just a few transactions towards Coinbase Pro in just an hour.
This sounds like a bearish sign, but we have to be aware of the fact that cryptocurrency exchanges are known to make internal transfers sometimes between them and their hot and cold wallets.
Around the same time, another analysis discovered a similarly large flow of 37,154 BTC out of Coinbase Pro, as shown below:
Outflow and Inflow have the same number, which should be Coinbase’s internal wallet transfer. pic.twitter.com/937nRELcTS
Read:Find out the number of active Bitcoin addresses in 2020 … and what does its rise mean?
– Wu Blockchain 17 July 2021
Whereas, if this is a one-sided event, this could be a very bullish or bearish signal.
Fortunately, the inflows and outflows were similar in quantity, making it very likely that this was an inflow by Coinbase Pro.
Regardless of this strange event, the on-chain analysis did not detect any unusually high net flows in or out of other trading platforms.
And it seems that the topic of our article is a separate event.
As of the last weekend, liquidity was very low, which makes Bitcoin vulnerable to significant up and down swings.
The whales know very well that any movement they make is under surveillance, especially the large amounts that usually attract attention and make the trading public try to anticipate the movement and sell or buy in advance.
The bottom line:
At the moment, there is no major reason to worry, at least about these large inflows and outflows.
Read:After White Paper Revealed…How Will China’s CBDC Currency Integrate Smart Contracts?
Read also:
Decreased activity of DeFi projects recorded on the Binance blockchain compared to Ethereum
Director of Financial Markets at OKEx: China’s Crypto Situation Is Not Bad and Bitcoin Will Recover $60K in 2021
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