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Half a billion Bitcoins were suddenly deposited on a major US exchange – TradingView News

In a significant shock to the crypto market, a sizable Bitcoin transfer totaling 7,481 BTC, equivalent to $497.14 million, was unexpectedly deposited into a popular Coinbase International wallet today. The transfer discovered by Whale Alert came from an unknown wallet labeled “12BKk”.

This significant influx of Bitcoin has led to cautious reactions in the crypto community. Historically, transfers of this size on exchanges are often interpreted as a sign of bearish sentiment, suggesting that large holders or “whales” may be looking to liquidate their assets. Conversely, withdrawals from exchanges typically signal bullish sentiment, suggesting whales are accumulating cryptocurrencies.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 7,481 #BTC ($497,144,844) transferred from unknown wallet to Coinbase Institutionalhttps://t.co/kOSWTdUGZi — Whale Alert (@whale_alert) April 3, 2024

Bitcoin BTCUSD Price outlook

The timing of this transfer is notable as it came amid recent volatility in Bitcoin's price. Earlier this week, the cryptocurrency saw a significant decline from $71,300 to $64,500, a 9.6% drop in two days. Before the transfer, the price of Bitcoin recovered by 3.2% and crossed the $66,000 mark.

Nevertheless, BTC prices briefly fell by 1.41% after the transfer before stabilizing. BTC to USD from CoinMarketCap

The market's reaction to this significant transfer raises questions about its potential impact. Whether the subsequent price fluctuation was directly influenced by the transfer itself or by the reactions of market participants remains uncertain.

Nonetheless, the event highlights the market's sensitivity to the actions of key players and highlights the importance of monitoring such developments, especially given the ongoing fear, uncertainty and doubt in the crypto space.

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