The world’s leading cryptocurrency, Bitcoin (CRYPTO: BTC), saw a mysterious whale transfer of $170,911,571 in value, according to data from the popular blockchain tracking firm, Whale Alert.
The transaction, which was spotted on April 30 and included 1,811 BTC, happened amid several other large Bitcoin transfers recorded on the same day.
The cryptocurrency is struggling to retain its bullish momentum, falling significantly from $95,208 to $93,076 on the same day. However, the large Bitcoin transfer might hint at a buying attempt from whales to acquire the token at a lower price.
While the anonymous nature of the Bitcoin transfer has sparked speculation about the motive behind the move, BTC’s 18.02% surge in trading volume despite the price dip suggests that whales might be actively selling off their assets or redistributing them for strategic reasons.
According to the data, the 7-day moving average of BTC spot volume delta has plunged significantly over the past three days. This metric, which measures the demand for Bitcoin, shows that more market sell orders are being filled than buy orders.
Thus, the weak metrics indicate a rise in Bitcoin’s selling pressure.
Although this data was followed by a strong market rally that saw Bitcoin surpass the $95,000 mark, it appears that buyers may have become hesitant, leading to the sharp price drop experienced today.
While it remains uncertain if more volatile price actions lie ahead, the metric suggests that investors may be taking profits already, although massive Bitcoin whale accumulation is still ongoing.
