Bitcoin Price Stays Above $44K Despite Whales Dumping BTC To Coinbase & Binance

Bitcoin, the world’s first-ever digital currency, echoed a sense of frenzy across the crypto landscape on Wednesday following significant whale transfers to CEXs Binance and Coinbase. The transfers promptly gained noteworthy traction within the broader crypto market as they emerged amid a slight dip noted by the token.

Meanwhile, the marginal fall in Bitcoin’s price also aligns with the global crypto market turndown today, as investors eagerly anticipate the release of the U.S. Consumer Confidence data. However, with the anticipation of a Bitcoin spot ETF approval weighing in on the chronicle, the BTC price is expected to recover today’s dip soon, fueling optimism for the token.

Whale Transactions Orbiting Bitcoin: Report

Whale Alert, a platform offering blockchain tracking metrics, recently unveiled a series of transactions revolving around Bitcoin. As per the data, colossal amounts of BTC were dumped to Binance and Coinbase, collectively illustrating the relocation of 14,182 BTC.

Furthermore, concerning the data, 2,353 BTC were dumped to Binance in a series of 3 transactions. On the other hand, in a series of 5 transactions, 11,829 BTC were shifted to Coinbase.

The dumping of tokens to the aforementioned CEXs hints toward a possible sell-off, aligning with the dip noted by Bitcoin’s price today. However, with the dip being marginal, crypto market enthusiasts extensively eye the token, hoping for an upward trajectory shortly. In addition, the rising hopes for a Bitcoin spot ETF approval further put forth a bullish perspective among crypto market traders.

Also read: Central Bank of Ireland Registers Ripple As Crypto Service Provider

Bitcoin Price Rallies

As of writing, the Bitcoin price portrayed an upsurge of 4.01% in the past 24 hours and is currently trading at $44,134.69. The rise in Bitcoin’s price today aligns with the weekly and monthly gains witnessed by the token. As per market charts, the token recorded a 5.51% weekly jump, further accompanied by a monthly upswing of 18.28%.

Notably, the upsurge witnessed by Bitcoin over the past few days portrays a sense of boosted confidence among traders and investors.  Moreover, the price has soared slightly today, with it’s ongoing recent momentum within the market, traders and investors hope to see a higher pump soon.

Also read: Cathie Wood’s Ark Invest Offloads Coinbase (COIN) and Robinhood (HOOD) Shares Amid Rally