RATE Group | Whale Watching: Exchange Data Contained Early Warning of Thursday’s Bitcoin Dump
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Whale Watching: Exchange Data Contained Early Warning of Thursday’s Bitcoin Dump

13 Mar Whale Watching: Exchange Data Contained Early Warning of Thursday’s Bitcoin Dump

Posted at 20:26h in Bitcoin News by

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The big drop in bitcoin’s (BTC) price Thursday was in the making since March 8, data on the flow of funds into exchanges indicates.

The biggest cryptocurrency by market value collapsed from $7,900 to a 10-month low of $4,700 on Thursday and extended the decline to 12-month lows below $3,900 early Friday. 

Data provided by blockchain analysis firm CryptoQuant shows inflows into major exchanges, or deposits, began rising at higher-than-usual rate beginning March 8. One way to read this is as a possible co-ordinated action by whales to dump the cryptocurrency.

Coins began flowing into exchanges at a faster rate starting from block number 620.8K, mined on March 8. Prior to that block, the average inflow per transaction was about 1,000 BTC. But after that, inflows ranged from 1.500 to 6,000 BTC in the run-up to Thursday’s price drop. 

Meanwhile, the cryptocurrency’s slide began with a near 10 percent drop on March 8. In the following three days, BTC posted marginal losses – before…

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