Bitcoin whale moves 2000 BTC to Binance, will a dump follow?

A Bitcoin whale has just moved 2000 Bitcoin to a Binance account from an unknown address. The sum worth nearly 18.6 million dollars at the current price has caused concern in the markets of a sell-off. Although the market has been bullish recently, several large-scale transactions have been recorded moving funds towards exchanges. This has caused concern among investors of a major Bitcoin sell-off.

Bitcoin whale on the move

A crypto whale is an entity that holds a large amount of a specific cryptocurrency. Naturally, a Bitcoin whale is an entity that holds a huge amount of BTC coins in his portfolio. As reported earlier by Whale Alert’s crypto handle, the account of a major Bitcoin player was recorded sending BTC to Binance exchange. It is believed that the funds were transferred in order to liquidate them into fiat.

The sender has been an active player in Bitcoin markets for a long time, and the address is responsible for trading over 60,000 BTC in its existence. After the transaction of 2,000 BTC, the account still holds over 4,000 BTC.

As expected, the feedback to the transaction has been highly negative, with almost everybody suggesting a dump. Regardless, Bitcoin’s price is seeing a bullish trend with price crossing over the 9,500 dollars mark. Currently, the unease in the global markets has pushed people towards hedge assets such as gold and Bitcoin.

Although the entity might sell-off these BTC, it is still unlikely to affect the markets severely unless other major entities also dump their coins.   

Featured image by pixabay.