Bitcoin price has been in a steady upward trend for months, but a sudden sharp sell-off has turned the crypto market into a bloodbath today. Before the market turned red, a whale was spotted moving a significant amount of BTC to a popular cryptocurrency exchange, pushing reserves to their highest level this year. Since the investment was made, there has been a decline of about 20% in market capitalization and the price of the leading cryptocurrency.

 

 

Did this whale trigger the decline in the crypto market?

It is important how data on-chain can take action ahead of time and what the techniques are saying about the Bitcoin bull run right now.

Yesterday, as the Bitcoin price broke a record and approached $ 60,000, a whale made a huge investment of 28,004 BTC in the crypto exchange Gemini owned by the Winklevoss twins.

Cryptocurrency quantitative analysis platform CryptoQuant has issued a warning to Gemini about mass inflows and warns of potential dumping risks. After hours the price started to decrease rapidly.

Entries marked the highest level of BTC hitting stock market reserves for the entire year, and the overnight decline deepened further. Leading the opening of the New York market this morning, Bitcoin dropped as low as $ 47,600 for the first time in more than a week.

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We do not know how many of the BTCs, which were worth roughly $ 1 billion at the time, were sold, but the market shook.

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