According to Whale Alert, crypto whales have just shipped more than 5,800 bitcoins worth over $ 327 million to a single destination.

The whale action tracking platform said in a series of tweets that crypto whales have moved thousands of BTC towards the $ 42,000 region in the past 24 hours amid Bitcoin’s deep correction.

Five of these transactions moved BTC from an unknown wallet to the Coinbase exchange. Another transaction transferred a large amount of Bitcoin from the Binance exchange to Coinbase.

Here is a summary of the BTC transactions:

While crypto investors tend to be concerned that the large amount of Bitcoin pouring into the exchanges could create selling pressure, Into the Block reports that centralized exchanges have seen many inflows over the past week, more outflows than inflows.

“Bitcoin saw net outflows of nearly $ 2 billion from centralized exchanges, a 5-week high.”

At the time of writing, BTC is down more than 7% over the day and is trading at $ 49,025.

Source: TradingView

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page