Whales Buying the Dip? Over $700M in BTC Withdrawn From Coinbase in an Hour

Despite the high market volatility in recent days, which caused bitcoin (BTC) to crash to the $62,000 region, crypto whales have made a notable move showing their confidence in the digital asset. According to on-chain data, over $700 million worth of BTC was transferred from the crypto exchange Coinbase to new unknown wallets in an hour. 

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 3,900 #BTC (244,865,529 USD) transferred from #Coinbase to unknown wallethttps://t.co/3yMt2tyipj

— Whale Alert (@whale_alert) April 16, 2024

The move suggests the confidence whales have in the asset value especially as Bitcoin halving is expected to have a positive impact on the price. 

Whales Accumulate Despite Dip

The buying spree comes despite a recent dip in the price of BTC. The price of the leading cryptocurrency has experienced great fluctuations in recent days rising and dropping sharply. During the last week, the global cryptocurrency market saw a significant decline of about 9% as tensions in the Middle East intensified. Bitcoin on its part saw more than 8% dip in value. 

At the beginning of the week, the tokens’ price increased to $67,000 before crashing back to $62,000 at press time, which represents a 2.5% decline in the past 24 hours. 

However, amidst this dip, influential investors have acquired over $700 million worth of Bitcoin in an hour thereby capitalizing on the price drop to boost their holdings. This move might likely create a positive momentum within the crypto ecosystem. Often, buying pressure sways the market sentiment towards optimism and could pave the way for an eventual upward trend in Bitcoin’s price.

Bullish on Bitcoin?

The latest data suggests that whales are bullish on the long-term prospects of Bitcoin. Additionally, they may be taking advantage of the recent price dip as they believe the drop is a temporary setback and that BTC will likely resume its upward trend in the coming months. 

Furthermore, the current bearish momentum in the crypto market is not a big surprise. Based on past events, market experts predict that bitcoin‘s price will see a pre-halving dip and then pick up momentum post-halving.  Analysts forecast a bullish outlook for BTC, with a potential price surge to $100,000 months after the halving. The Bitcoin halving is scheduled for later this week.