Whales move over 5,500 BTC as the price falls below $38k

Two major Bitcoin (BTC) whales have moved over 5,500 coins as the asset falls below the $38,000 mark. 

According to data provided by Whale Alert, an unknown Bitcoin whale moved 3,000 coins from an old address to a new wallet at around 20:00 UTC on Nov. 29. Usually, this kind of movement is expected when the user doesn’t feel safe about the old wallet provider. 

Another whale, however, moved a total of 2,547 BTC from a self-custodial wallet to the Coinbase crypto exchange, per Whale Alert. The movements come as the BTC price falls below the psychological $38,000 mark. 

The total 5,547 Bitcoins were worth over $210 million at the time of the transaction.

According to data provided by the market intelligence platform Santiment, the overall Bitcoin whale activity witnessed a slight decline over the past day. Whale transactions consisting of at least $100,000 worth of BTC dropped from 9,765 trades to 9,466 unique transfers in the past 24 hours, per Santiment.

Moreover, the amounts of exchange inflow and outflow have both witnessed a decline over the past 24 hours. 

The number of Bitcoins flowing into the exchanges dropped from 33,111 BTC to 28,985 BTC while the outflow registered an even further decline from 40,512 BTC to 27,660 BTC in the past 24 hours, according to Santiment data.

In total, 1,325 extra Bitcoins were deposited into the exchange platforms over the past 24 hours. 

Historically, higher price volatility is usually expected when the number of BTC flowing into the exchanges is higher than the number of coins being withdrawn. 

Bitcoin is down by 1.3% in the past 24 hours and is trading at around $37,700 at the time of writing. The asset’s market capitalization declined to $737.65 billion while the Bitcoin market dominance stands at 52%.

BTC’s 24-hour trading volume also declined by 11%, closing down to the $20 billion mark.

The price fall comes while the Swiss asset manager Pando Asset officially filed for a spot Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). Per a crypto.news report, if the SEC approves the Pando Asset’s BTC ETF, the Coinbase crypto exchange will be leveraged as its custodian.