The world’s leading cryptocurrency, Bitcoin, has just experienced a mysterious whale transfer worth $170,911,571, according to data provided by the popular blockchain tracking firm, Whale Alert.
The transaction, which involved 1,811 BTC, happened on April 30, amid several other large Bitcoin transfers recorded on the same day.
BTC returns to red zone
The sizable Bitcoin transfer, which occurred between two unknown wallets, comes amid a broad crypto market retreat, which saw the overall market capitalization plunge by 1.50% over the last day, according to CoinMarketCap.
While Bitcoin had returned to the red zone after posting notable gains in the previous days, the large Bitcoin transfer hints at a buying attempt from whales to acquire the token at a lower price. Notably, the mysterious asset movement occurred while Bitcoin was struggling to retain its bullish momentum, falling significantly from $95,208 to $93,076 on the same day.
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Although the anonymous nature of the Bitcoin transfer has sparked speculation about the motive behind the move, BTC’s 18.02% surge in trading volume despite the price dip suggests that whales might be actively selling off their assets or redistributing them for strategic reasons.
Bitcoin selling pressure on the rise
While the recent crypto market dump has left investors questioning whether the bull cycle is already rounding up or if it’s just a temporary retreat before a bigger rally, data from an on-chain analytics firm suggests the former. It reveals that sell orders are increasingly outweighing buy orders.
According to the data, the 7-day moving average of BTC spot volume delta has plunged significantly over the past three days. This metric measures the demand for Bitcoin and shows that more market sell orders are being filled than buy orders. Thus, the weak metrics indicate a rise in Bitcoin’s selling pressure.
Although this data was followed by a strong market rally that saw Bitcoin surpass the $95,000 mark, it appears that buyers may have become hesitant, leading to the sharp price drop experienced today.
While it remains uncertain if more volatile price actions lie ahead, the metric suggests that investors may be taking profits already, although massive Bitcoin whale accumulation is still ongoing.
