Sudden drop in the price of Bitcoin: here’s the reason for the drop

In a recent development, FomoChain, a cryptocurrency analytics firm, reported a significant event that caused volatility in the Bitcoin market.

According to the analytics firm’s statement, a mysterious whale sent 11,739 BTC worth $490.45 million to cryptocurrency exchange Coinbase. After the transfer, the price of BTC immediately fell by 1.22%. While transfers to cryptocurrency exchanges often mean sales, it is not known what transactions this whale made.

BTC, which was around $42,200 before the drop, fell to $41,375 with the drop.

The whale wallet in question was a new account created recently. Before the move, he had been buying BTC continuously for the past two days.

Recently, BTC price has been on a downward trend despite last week’s spot ETF approvals. The main reason for this decline is believed to be Grayscale’s GBTC product, which has once again transformed into a spot ETF. Investors who previously purchased this product, which operated as a trust, sell their shares after the spot ETF is approved.

*This is not investment advice.

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