Two Large Bitcoin Transfers to Coinbase Spark Speculations of Increasing Bitcoin Sell-offs

On May 14, two large Bitcoin transfers to Coinbase, a leading U.S.-based crypto exchange, were identified during the latter hours of the day by blockchain tracking platform Whale Alert.

Two huge Bitcoin bundles were credited to US-based exchange Coinbase in the evening hours on May 14, in accordance with data from blockchain tracking service Whale Alert.

The transactions, which were spotted by the service at around 10:07 p.m. and 10:35 p.m. ET, saw a total of $102,850,765 in BTC moved to the exchange in two separate transfers.

Both transactions appeared identical, with exactly 498 BTC being transferred twice by two unknown whales at slightly different amounts. The first 498 BTC transfer was spotted at $51,433,438, while the other was valued at $51,418,327.

The large Bitcoin transfers come amid the market correction experienced by major cryptocurrencies later today.

While Bitcoin and other top altcoins had resumed a bullish trajectory on Friday, with BTC price recovering to the $105,000s earlier today, the cryptocurrencies switched to the red zone during the latter hours of the day.

According to data from CoinMarketCap, BTC shows a slight price decline of 1.43% over the last day. Following this decent dip in Bitcoin's price, the cryptocurrency is trading at $103,441 as of press time.

Although this has become a regular trading activity in recent days, massive Bitcoin transfers like this to exchanges often herald sell-off attempts by high-profile investors or institutional investors.

This move threatens Bitcoin's ongoing bullish trend as increasing selling pressure from whales could trigger a potential fall in the asset, which in return can cause smaller investors to sell their assets out of panic, fueling more dumps for the asset.

However, it is not yet certain if the large Bitcoin transfer to high-liquidity platforms like Coinbase is an attempt to redistribute the assets or sell them off.

Nonetheless, market sentiments on Bitcoin's potential have retained a bullish momentum following sustained optimism among retail and institutional investors. Recent reports from U.Today show that institutional investors like MicroStrategy are committed to their Bitcoin accumulation strategy.