Bitcoin, a decentralized digital currency curated in 2009, recently attained significant traction within the broader crypto market as the token registered substantial whale transfers to a centralized exchange on Saturday. The whale transfers orbiting Bitcoin totaled the reshuffling of a whopping 7,200 coins, stirring speculations among crypto market enthusiasts.

Moreover, the whale transactions come amid a price drop witnessed by the digital currency, fueling further guesswork within the crypto market.

However, a leading crypto analyst shared sentiments otherwise on the token’s price drop, shedding light on a potential bull run ahead.

Whale Transactions Orbiting BTC

According to the data revealed by Whale Alert, a platform facilitating blockchain metrics, five noteworthy transactions took place in the past 24 hours. In accordance with the data, unknown wallets appear to have transferred 7200 BTC to the CEX Coinbase in a chain of transactions.

The unknown wallet, 1B31duP63n…JMAtzxnUgz noted the transfer of 2,310 BTC to Coinbase in a series of transfers. Furthermore, another wallet address, 1K9kvhQVMG…RwH2jX8SFn transferred 2,461 BTC to the centralized exchange.

Additionally, the aforestated transfers were further accompanied by three more whale transactions, shifting 5,995 BTC to Coinbase. The unknown wallets, 1JB7v5GmLm…XttNFhKpRm, 13XXgwfjRr…ujuMRZFx2A, and bc1qsqwp5h…rf3armszq2 were recorded, making the prior stated transfer amid a price drop.

The substantial transfer of Bitcoin to Coinbase reflects a potential increase in the token’s supply, also aligning with the price drop noted by the digital currency today.

Also read: Tether Collaborates With US Regulators For Robust Crypto Security

Bitcoin Price Analysis

As of writing, the Bitcoin price noted a drop of 1.04% over the past 24 hours, reaching $42,227.07. Moreover, this drop was further escorted by a weekly fall of 4.42%.

The price drop witnessed by Bitcoin today also mirrored the recent transfer of coins to Coinbase.

However, a prominent crypto analyst, Nishant, stressed that the BTC price rallied during the same time last year, leading to a pick-up from $16K to $42K as of now. He further highlighted that December marks an exciting month for cryptocurrencies, hinting toward a potential bull run for Bitcoin ahead.

Also read: Coursera Founder Foresees India To Surpass US In Global AI Race

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.