Over recent time, cryptocurrency whales have moved a massive amount of Bitcoin (BTC) to centralized digital currency exchanges. As per data shared by IntoTheBlock, a gargantuan amount of 93,630 BTC has been transferred by Bitcoin whales to the accounts of major centralized cryptocurrency exchanges in recent days. This increasing activity of crypto whales might have caused the recent flat price crash of Bitcoin which led the leading digital currency to trade in the range of $17,000.
$1.6 Billion worth of Bitcoin sent to major crypto exchanges
This staggering amount sent by Bitcoin whales is worth more than $1.6 billion. Reportedly, out of the total amount, over half of it was transferred to two famous cryptocurrency exchanges Binance and OKEx. The world’s largest digital currency exchange in terms of the trading volume Binance received an amount of 26,920 BTC worth approximately $477 million from whales.
While on the other hand, these cryptocurrency whales have reportedly sent an amount of 21.17 BTC to the crypto exchange OKEx. An outflow of 24,631 BTC worth approximately $436 million was made from the Malta-based cryptocurrency exchange on the 26th of November. This outflow occurred right after the major crypto exchange reopened the service of withdrawals and deposits on its trading platform after a period of more than one month.
One of the key factors behind the price crash of Bitcoin
A movement in the activity of cryptocurrency whales was noted when the potential rally of the leading digital asset was on the peak and its price value went as high as $19,400.
This heavy transfer made by whales into cryptocurrency exchanges is being considered as one of the key factors that caused a downtown in the bullish movement of the flagship cryptocurrency. On the 26th of November, Bitcoin faced a flat price crash of more than $2000 and went as down to trade around the $16,500 level. It was a price drop of approximately 17 percent that the leading cryptocurrency had to suffer.
After that, the coin has rebounded well and has been able to push way bearish sentiments to much extent. It has now once again started in an upward direction and is currently heading toward the $18,000 level where it is facing resistance now. At the press time, the price value of BTC is up over 5 percent over the last day while trading at around $17,600.