$428M Of Bitcoin Sent To Coinbase By Benzinga


© Reuters. $428M Of Bitcoin Sent To Coinbase

A large holder sent 9,800 (CRYPTO: BTC) worth $428 million to Coinbase (NASDAQ:) Global Inc (: COIN) on Friday.

What Happened: The transaction was flagged by blockchain wallet tracker and analytics platform Whale Alert.

When whales send large amounts of Bitcoin to exchanges, it is usually with the intent to sell.

Most market participants perceived the sizeable amount of BTC sent to Coinbase as enough to create significant selling pressure. Retail traders that anticipated a price move downward were quick to limit their long exposure to Bitcoin.

Data from BitInfoCharts shows that the whale wallet first received the Bitcoin on April 1 at an average price of $45,372 per coin. If the whale sold the coins at the time they were transferred out of the wallet, he did so for a loss of $18 million.

According to data from Benzinga Pro, Bitcoin lost 3.16% in the last 24 hours, falling to $42,290 at the time of writing. The wider crypto market cap also saw a 2.7% decline, dropping down to $1.96 trillion.

(CRYPTO: ETH) was down 1.7%, trading at $3,200 and (CRYPTO: DOGE) was trading at $0.1428, down 3.74% over the last day.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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