Bitcoin Whales Dump BTC to Binance and Coinbase
Bitcoin experienced a frenzy in the crypto market as significant whale transfers were made to CEXs Binance and Coinbase. These transfers gained attention amidst a slight dip in Bitcoin’s price. However, the anticipation of a Bitcoin spot ETF approval is expected to fuel optimism and help the price recover.
Whale Transactions Revealed
According to Whale Alert, a blockchain tracking platform, 14,182 BTC was dumped to Binance and Coinbase. Specifically, 2,353 BTC were transferred to Binance in 3 transactions, while 11,829 BTC were shifted to Coinbase in 5 transactions.
Possible Sell-Off Indicates Bearish Sentiment
The dumping of tokens to these exchanges suggests a possible sell-off, which aligns with the marginal dip in Bitcoin’s price. However, with the dip being minimal, crypto enthusiasts are hopeful for an upward trajectory. The anticipation of a Bitcoin spot ETF approval also adds to the bullish sentiment among traders.
Bitcoin Price Sees Marginal Decline
Currently trading at $42,939.56, Bitcoin has experienced a marginal downfall of 0.20% in the past 24 hours. Despite this, the token has seen significant weekly and monthly gains, recording a 4.35% increase over the week and a 15.28% rise over the month.
Hot Take: Optimism Remains Despite Dip
While whale transfers and a slight price dip may cause concern, the overall sentiment remains optimistic for Bitcoin. The anticipation of a Bitcoin spot ETF approval and recent market momentum indicate that traders and investors expect a potential pump in the near future.
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