Blockchain analyst and market researcher Willy Woo says the recent price correction for Bitcoin may have been caused by a billion-dollar whale transfer.
Is this whale the cause of the collapse?
In a recent interview, Woo said in a recent interview that there were market concerns wrongly about a whale moving $ 1.5 billion of bitcoin, possibly initiating a panic sale that caused the price of bitcoin to drop.
Woo spoke with Glassnode CTO Rafael Schultze-Kraft and confirmed that the misinterpreted market data gave the impression that a bitcoin whale was carrying $ 1.5 billion to crypto exchange Gemini. Parity concluded that the transaction was simply an internal transfer of exchange funds.
Woo comments at this point:
I was trying to understand this big sale. And you know, its high point started when there was a little warning that we had $ 1.5 billion just moved to the exchanges to sell. The assumption was that there would be sales. I think this feeling spread among traders and we started to see sales coming before that.
The popular analyst said the price correction “killed” bitcoin’s bullish momentum at its all-time high of $ 58,000. He explained that most of the crypto assets are fluctuating “above the ground floor”, explaining that the market has plenty of room to move down after the collapse.