$1 Billion in Bitcoin Just Moved from Coinbase — Are Whales Massively Buying the Dip?

A major Bitcoin whale has just moved $1.06 billion worth of Bitcoin from its Coinbase account. The major transaction occurred as the price of the premier digital currency dropped below $67k earlier today, a -4.31% change in the last 24 hours.

According to data from on-chain reporters, the whale sent the BTC in twin batches from its Coinbase wallet. The first transaction was roughly 7,999.999 BTC (rounded off to 8,000 BTC) worth $536 million, and a similar 8,000 BTC transaction followed later.

Are Bitcoin Whales Going on a Buying Spree?

As these transactions show, big Bitcoin whales are on a buying spree at the moment. However, many are waiting before making further aggressive buys in the cryptocurrency market.

Yesterday was a slightly bearish day for Bitcoin Exchange-Traded Funds (ETFs), and today’s data is still not in. We cannot expect big purchases by the ETFs because of the price drop, but perhaps a few of them will defy expectations to do so. All in all, ETFs aren’t apparently buying this dip, and crypto whales are stealing the show right now. They are often ahead of the curve when snapping up BTC at relatively lower prices.

Miners Selling Bitcoin Sparks Price Drop

Bitcoin dropped below $67k earlier today to post the first significant loss in the last few weeks. The largest cryptocurrency by market capitalization was looking steady at the $70k figure, but the short-term selling put pressure on the market, and that resulted in an eventful day for the bears. Here is the price action from the last 24 hours:

Image Source: TradingView

Marathon Digital, the largest Bitcoin mining company in the world, undertook the most important selling. It sold 1,000 BTC worth around $67 million, which caused some short-term panic in the market. However, once it was understood that it was Marathon Digital, fears subsided because mining companies needed to sell their BTC from time to time to pay for electricity and maintenance, and this seems like the case.

The Future

Bitcoin is at a crossroads once more, with big buyers trying to take advantage of the falling price index. However, bigger buys can be expected as the index nears the long-term $60k price support.