2,832 BTC Transfer Sparks Concern Post ETF Approval Scare

A Bitcoin whale has transferred 2,832 Bitcoins from an unknown wallet to the Coinbase crypto exchange, according to Whale Alert, the blockchain tracker famous for reporting significant transactions. The recent transaction happened less than 24 hours after a dramatic day for Bitcoin when a journalist erroneously posted that the BlackRock spot ETF had been approved.

🚨 🚨 🚨 🚨 2,832 #BTC (79,797,280 USD) transferred from unknown wallet to #Coinbasehttps://t.co/X5dCvnjbdF

— Whale Alert (@whale_alert) October 17, 2023

The transaction spotted by Whale Alert is generating a conversation among crypto users who may be trying to preempt the intentions of the whale and the impact it could have on the Bitcoin market. Usually, when whales send digital assets to crypto exchanges, it suggests the possibility of an impending sell-off since they are introducing the digital assets to an environment where they exchange them for fiat or other digital assets.

Several observers suspect a sell-off of the transferred Bitcoins, especially considering the timing of the transfer. It is happening shortly after a supposedly false rally triggered by misleading information.

Bitcoin rallied over 10% yesterday following the news of a BlackRock ETF approval by one of the leading crypto media websites. Shortly after the news broke, the media outfit debunked it and apologized to the public, promising to initiate an internal investigation over the critical error by one of its journalists.

Bitcoin price retraced after the news was debunked, losing 50% of its daily profit. However, the price remained above significant resistance, suggesting the possibility that several limit orders may have been triggered. Hence, users are attentive to observing how the whales would react in the aftermath of the event.

The recent transfer identified by Whale Alert has put crypto users on their toes with several permutations about the intention of the particular whale. Perhaps the whale may intend to take profit from the recent surge or plan to sell the crypto asset in anticipation of a price collapse. Hence, the majority of crypto users do not see the whale’s action as a good sign for the flagship cryptocurrency.

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