A potential explanation for the recent decline in Bitcoin has been revealed by “Smart Money” tracking service @lookonchain. This whale sent a sizable sum of bitcoin to a significant exchange.
Strangely, according to another source, miners also sold a significant sum of Bitcoin within the last 24 hours.
Bitcoin price drops after this whale moves BTC
The price of the leading cryptocurrency dropped by 3.25% on May 18 after printing a number of red candles, one of which was rather large. The aforementioned source claimed that following this, Bitcoin fell sharply, reaching a level of $26,500.
The whale sent 1,750 BTC, which is worth $48 million, to Binance. According to @lookonchain, the price of Bitcoin significantly dropped after the same wallet transferred 5,791 BTC, or $163 million.
Strangely, the amount of Bitcoin sold by the wallet described above matches the portion of Bitcoin sold by miners on Thursday.
Miners dump big chunk of Bitcoin
According to a tweet from cryptocurrency researcher Ali Martinez, over 2,000 BTC, or $54 million in USD equivalent, have been released onto the market by Bitcoin miners in the last 24 hours.
The Bitcoin Miner Reserve now contains 1.825 million BTC.
Bitcoin gradually recovers
The most popular digital currency has recovered 1.38% of that loss following the aforementioned 3% decline. At the time of writing, the Bitstamp exchange is trading one bitcoin for $26,880.
