Bitcoin whales made huge waves in the markets as Whale Alert reported three whale transactions in less than three hours.
Whale Alert, a Twitter bot that tracks and reports large-scale cryptocurrency transactions, reported that Bitcoin whales moved over 14,000 BTC in a matter of a few hours.
Bitcoin whales on the move
Whale Alert reported that nearly 11,500 BTC left crypto exchange platforms Coinbase and Binance while 2,500 BTC moved towards Bitstamp crypto exchange.
A crypto whale is an investor or a wallet that holds a large amount of a certain crypto asset. Whale or large-scale transactions are tracked by many in the crypto community and are often considered an indicator of where the price is headed next.
Bitcoin whale movements towards exchanges are considered a bearish signal while a move away from exchanges is considered bullish for the asset.
Nearly 10K BTC left Coinbase
Coinbase saw the highest crypto outflow on June 5 with 9,859 BTC leaving the exchange to anonymous addresses. The move took place in three transactions moving 1,859, 2,000, and 6,000 BTC respectively. The total sum is worth over 95 million dollars ($95,600,159.66) at the current trading price.
Meanwhile, Binance saw mixed transactions as 3,200 BTC ($31,029,568) went towards the exchange while 4,900 BTC ($47,514,026) left the exchange on June 5.
Currently, Bitcoin is trading at 9,697.9 dollars seeing a negative 0.52 percent difference on the hourly frames. Across the weekly timeframe, the asset is showing green with 1.61 percent gains.
According to our price analysis, the asset’s price might fall to 9,400 dollars level if the downtrend continues.