Bitcoin price plummets to near $40k and whales move over 11,000 BTC in just hours

TL;DR Breakdown

• Bitcoin whales move more than 11,000 BTC today.
• The cryptocurrency market plunges, driving the price of BTC near $40,000.

In the past several hours, over 11,000 BTC were moved by whales in two major transactions as Bitcoin plummets to nearly $40,000. Both transactions were recorded on the blockchain hours ago. The first transaction had 3,616 BTC worth $148 million, while the second transaction moved a whopping total of 8,000 BTC or about $333 million worth at the time of writing this article. The whales carried out these transactions within less than an hour. So what’s behind these massive movements?

Some believe that the whales are cashing out as Bitcoin prices fall. Others suggest that they could be moving funds to offshore wallets in anticipation of a market rebound. Only time will tell what the true motives behind these transactions are. But one thing is for sure: those whales are making a statement at a time when Bitcoin prices are struggling.

Bitcoin prices have plunged to lows near $40,000 in recent hours, as investors continue to sell off their holdings. These massive transactions by the whales could be a sign of things to come, as the cryptocurrency market undergoes a significant correction.

Only time will tell what the future holds for Bitcoin and the cryptocurrency market as a whole. But for now, it looks like the whales are in control.

The fluctuation of Bitcoin and cryptocurrencies

Over 200,000 BTC was transferred by whales when Bitcoin increased by roughly 18% earlier this week, according to previous reports from U.Today. Bitcoin, the most popular cryptocurrency, had risen to $45,332 on March 2 as it accelerated its rise. On February 28, the top digital currency recorded its greatest daily candle to date, increasing by roughly 15% within 24 hours.

After a lengthy climb, Bitcoin fell to $40,800 following the rejection of highs at $45,332 on March 2. Following its ascent, the cryptocurrency market was also hit by selling pressure after failing to maintain its momentum. The crypto market has lost over $65 billion in total value over the last day; however, it was back somewhat above $1.8 trillion as of press time.

The supply of Bitcoin and USDT Tether has been declining on exchanges over the past 30 days. According to reports from Santiment, this is a normal flow of BTC supply however, it is a vital signal to keep an eye on for USDT Tether supply on centralized exchanges.

Is it possible for Bitcoin whales to return?

Some believe that the whales are cashing out as Bitcoin prices fall. Others suggest that they could be moving funds to offshore wallets in anticipation of a market rebound. Another explanation suggests that the price of Bitcoin has dropped due to leverage trading.

Only time will tell what the true motives behind these transactions are. But one thing is for sure: these whales are making a statement at a time when Bitcoin prices are struggling. It’s unclear whether or not the whales will continue to dominate the market as Bitcoin prices continue to fall. But for now, they are making their presence felt.