A large amount of Bitcoin has been transferred to exchanges in the last 24 hours. The possible interest rate hike is prompting investors to pour 137,000 Bitcoin (BTC) on Binance and Coinbase.
13,700 Bitcoin (BTC) flowed to Binance and Coinbase
In the last 24 hours, the prices of all cryptocurrencies have lost double digits. Bitcoin lost about 10% of its value after falling from $23,000 to $21,353 within hours. The BTC price started falling after Fed minutes suggested a possible interest rate hike is just around the corner to curb rising inflation. Data provided by Whale Alert shows investors pouring BTC into exchanges in a panic environment. According to Whale Alert, a total of 13,735 BTC flowed to exchanges in one day. The first transaction was a total of 1,824 BTC worth $42.23 million transferred to Coinbase.
🚨 🚨 🚨 🚨 1,824 #BTC (42,227,503 USD) transferred from unknown wallet to #Coinbasehttps://t.co/la4FDNxEv5
— Whale Alert (@whale_alert) August 19, 2022
In another transaction, another 1,894 Bitcoins flowed from an anonymous wallet to an address on Coinbase. This transaction was valued at approximately $43.42 million.
🚨 🚨 🚨 🚨 1,894 #BTC (43,425,092 USD) transferred from unknown wallet to #Coinbasehttps://t.co/txefTkCWKO
— Whale Alert (@whale_alert) August 19, 2022
Additionally, 1,008 BTC was also moved from an unknown wallet to a different Coinbase address, according to Whale Alert reports.
🚨 🚨 1,008 #BTC (22,236,623 USD) transferred from unknown wallet to #Coinbasehttps://t.co/dduF9RIBIq
— Whale Alert (@whale_alert) August 19, 2022
Also, another 1,000 units of Bitcoin were sent to Coinbase from an Xapo address. At the time of the transaction, the funds were valued at approximately $22 million.
🚨 🚨 1,000 #BTC (21,992,416 USD) transferred from #Coinbase to #Binancehttps://t.co/ZnwTuoARSh
— Whale Alert (@whale_alert) August 19, 2022
Bitcoin transactions flowing to Binance and Coinbase
Per Whale Alert, a total of 1,009 Bitcoins ($22.18 million) were transferred to Binance from an address on the Coinbase exchange.
🚨 🚨 1,009 #BTC (22,184,107 USD) transferred from #Coinbase to #Binancehttps://t.co/9S3Yexg55P
— Whale Alert (@whale_alert) August 19, 2022
In addition, 1,000 units of BTC ($21.94 million) were moved from popular wallet provider Xapo to Binance. Another exchange for BTC transfer exchange took place today between Binance and Coinbase.
🚨 🚨 1,000 #BTC (21,937,251 USD) transferred from #Xapo to #Binancehttps://t.co/0n3aiH71dm
— Whale Alert (@whale_alert) August 19, 2022
cryptocoin.comAs we reported, a total of 5,000 BTC worth $107.98 million flowed from Binance to a Coinbase address.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 5,000 #BTC (107,981,802 USD) transferred from #Binance to #Coinbasehttps://t.co/lESLs9OavT
— Whale Alert (@whale_alert) August 19, 2022
Whale Alert also reported that another 1,000 BTC worth $21.39 million was sent from Xapo to Binance.
🚨 🚨 1,000 #BTC (21,386,536 USD) transferred from #Xapo to #Binancehttps://t.co/6yoEQO1cuR
— Whale Alert (@whale_alert) August 19, 2022
Analyst waiting for June bottoms was right
Chris Burniske, a former Ark Invest analyst, predicted what would happen today. Earlier this month, he wrote on Twitter:
However, I still expect a retest of June 18 lows, or at least a significant drop from where we are now, perhaps BTC $20,000 and ETH $1,000, which could at least test. This test will be to reach a higher value.
In case you had your bullish blinders on at the time… https://t.co/YnYcJjh8kE
— Chris Burniske (@cburniske) August 19, 2022
In this forecast, Burniske predicted either a retest of June lows or a significant correction from these levels. That said, when asked when such a drop in price should occur, before or after ETH’s PoS transition, Burniske said.
