Investors are looking forward to the weekend as the GBTC shares unlock after another week of consolidation for bitcoin, dropping to $31k.
On-chain researchers discovered a huge influx of 41,000 BTC into Coinbase Pro Exchange over a few transactions in just one hour. Fear reigned supreme on Crypto Twitter, with demands for BTC to reach $20k or $10k.
Although this appears to be a pessimistic indication, we must keep in mind that crypto exchanges are known to conduct internal transfers. On-chain Analysis identified comparable significant withdrawals of 37,154 BTC from Coinbase Pro around the same period, as seen below:
This would have been a very bullish or bearish indication if it had been a one-sided event. Thankfully, the inflows and outflows were almost equal in size, indicating that this was most likely an internal Coinbase Pro transfer.
Aside from this unique occurrence, On-chain Analysis found no exceptionally high net flows into or out of other exchanges. Again, this looks to be a one-time occurrence.
Liquidity has been relatively low over the previous couple of weekends, putting BTC vulnerable to big swings up and down. A whale with more than 40K BTC knows not to move such vast sums of BTC into exchanges since it will be noticed and result in “pre-selling” in anticipation of a sell-off.