Insights

Roughly $200M of Bitcoin sold onto exchanges by Coinbase whale

exchange68September 13, 2024

0 1 1 minute read

Quick Take

Roughly $200 million of Bitcoin was sold yesterday on exchanges.
A large whale from Coinbase drove the sale.
This is one of the most significant deposits onto exchanges this year; deposits to exchanges on May 30 saw $367 million.
Yesterday saw the fifth most amount of Bitcoin deposits to exchanges this year.
This coincides with a strengthening dollar at a one-month high of 104.63.
Due to a risk-off environment, and rising rates, entities may consider selling assets to fulfill their commitments.
Since the DXY represents a pledge to settle debts, individuals could potentially opt to liquidate Bitcoin or other assets to acquire dollars.

Deposits to exchanges: (Source: Glassnode)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.