A market researcher reported that a billion-dollar whale transfer might have prompted Bitcoin’s (BTC) recent price correction.
In a recent interview with Willy Woo, an On-chain analyst and market researcher on What Bitcoin Did, Woo claims falsely generated market situation over a whale dumping $1.5 billion in bitcoin likely started a panic sell resulting in bitcoin’s price drop.
Woo conversed with Glassnode CTO Rafael Schultze-Kraft and verified that incorrectly interpreted market data gave the impression that a bitcoin whale had moved $1.5 billion to the crypto exchange Gemini. The pair concluded the transaction was simply an internal transfer of the exchange’s funds.
“I was trying to figure out this big sell-off. And, you know, the very peak of it started when there was a little alert that we had $1.5 billion that just moved onto the exchanges to sell… the assumption was to sell. And I think that spread amongst traders, and we started to see the sell-off preempting that.”
The famous analyst stated the price correction “killed” bitcoin’s bullish momentum on its run to an all-time high of $58,000.
He described the market had plenty of room to move downward following the crash, remarking that most crypto-assets were hovering “high above the fundamental floor.”
Woo continued, saying the panic sale had been caused by “bad data.”
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