Bitcoin (BTC) Market Saw a Huge Move Today as 14,929 BTC, Worth $1.26 Billion, Was Unstaked from Babylon

The crypto market saw a huge Bitcoin move Wednesday when around 14929 BTC, worth approximately $1.26 billion, was unstaked from Babylon.

Crypto market saw a huge Bitcoin move Wednesday when around 14,929 BTC, worth approximately $1.26 billion, was unstaked from Babylon, a popular decentralized Bitcoin staking protocol.

On-chain data platform Lookonchain noted the event occurred around 10:30 AM UTC. The unstaked Bitcoin (BTC) was split across multiple addresses - a pattern often hinting at strategic moves by a large entity, possibly an institution.

About 5 hours ago, 14,929 $BTC($1.26B) was unstaked from Babylon.

. @centralsurge reports lower support at the 20-day EMA around $83,250.

. The technical indicator Relative Strength Index (RSI) stands at 51, suggesting neutral to slightly bullish momentum with no signs of overbought conditions.

. Bollinger Bands are narrowing, which could indicate a breakout or breakdown.

"That's a serious move. Could be rotation, risk off or just getting liquid... either way, someone's playing with size. Keen to see what follows," noted market observer Ryzz on X.

The unstaking comes on the heels of Babylon's recent $600 million airdrop of its native token, BABY, to early users. Smaller BTC unstaking amounts were already observed following that airdrop.

For instance, Bitfeed developer Mononaut reported 256 BTC unstaked on April 4 alone, consuming significant Bitcoin blockspace. Now, the total BTC staked on Babylon plunged to just 31,701 BTC after this latest withdrawal, according to data platform BlockTempo.

The post Bitcoin: $1.26B In BTC Unstaked From Babylon As Technical Support Holds appeared first on Coin Edition.