Coinbase is the largest crypto exchange platform in the United States that filed for a public listing a few months ago. On Twitter, a crypto whale tracking service called the Whale Alert recently noticed a massive Bitcoin activity on the platform. According to Whale Alert, a huge amount of Bitcoin has been transferred on Coinbase recently.
At present, Bitcoin’s price is valued at $31,910 with a -6.08% price movement in the last seven days. Whale Alert informs that about 13,003 Bitcoin has been deposited to Coinbase wallet by an unnamed whale investor. At the current price range, this reserve of Bitcoin is valued at roughly $408 million.
Selling Pressure is Rising
Just a few days ago, CryptoQuant noted that whales have been busy dumping Bitcoin on exchange platforms. As noted by CQ, almost 14,550 Bitcoin was transferred to the different exchange platforms. CQ also informed that these whale dumps could increase the selling pressure and transfer the control of the Bitcoin market to the bears.
The Whale Alert also noticed that the transaction fee for this massive Bitcoin transfer on Coinbase was only 0.00011508 Bitcoin or only $3.6 in fiat currencies. It should be noted that no banking enterprise or financial payment services can match this small gas fee. On the other hand, it is also impossible to make such a large transfer in such a small amount of time.
The second-largest bank in the United States has recently approved a new Bitcoin futures venture. The crypto news outlet, which broke the news, also cited two unnamed sources to confirm the claims. As soon as the news hit the market, Bitcoin price witnessed a minor rise.
However, thus far, no official representatives from Bank of America have come forward to approve or disprove these claims. At the start of the week, Bitcoin was valued at $32,500, but it later strikes down to $31,175. If more whale dumps keep happening, the support level at $30K may break down, and Bitcoin price may crash to $15K.