Bitcoin has seen its price suffer from the tremendous selling pressure that has filled the market over the last few weeks. However, as investors hope for relief, it seems that the sellers are far from done, with one notable Bitcoin sell transaction in particular sending the market into a frenzy.
Whale Dumps $1 Billion Worth Of Bitcoin
Whale tracker Whale Alert took to X (formerly Twitter) to the crypto community of a large Bitcoin transaction that was participating in the sell-off. The transaction was carrying a total of 16,276 BTC which was worth around $1 billion at the time that the transaction was carried out.
While large transactions are not out of the ordinary, their destination is often the determinant of whether it is a bearish or bullish transaction. In cases where the coins are headed away from centralized exchanges and into personal wallets, it can be bullish because this often means that the investors are consolidating their coins into personal private storage and don’t plan on selling.However, in cases where coins are being transferred to centralized exchanges, it can be very bearish since it often means that investors are looking to sell their coins. This was the case with the $1 billion Bitcoin transaction, as the 16,276 BTC were transferred to the Binance exchange.
Naturally, the transaction caused a stir among investors who contemplated the impact that such a large sell-off could have on the price of the cryptocurrency. However, the origin of the transaction would be revealed soon after, and prices would stabilize as a result.Binance Says 16,276 BTC Transaction Was SAFU Fund Conversion
In the early hours of Thursday, Binance, the largest crypto exchange in the world, took responsibility for the 16,276 BTC transaction that was sent to the exchange. The funds were reportedly from its emergency insurance fund known as the Secure Asset Fund for Users (SAFU) fund.
BTC price stages another recovery | Source: