Whale Transactions Moved 14,000 Bitcoins In Less Than Three Hours

Bitcoin whales are individuals, organizations, or companies, that are literally investors that own wallets that store large amount of Bitcoins.

With at least 1,000 Bitcoins per wallet, this huge asset when moved, alone or with others, have the capacity to move the cryptocurrency's market prices.

As reported by Whale Alert, a Twitter bot that tracks and reports large-scale cryptocurrency transactions, it was said that the whales have moved about 14,000 Bitcoins in just a few hours.

This sent a huge wave in the markets.

Whale or large-scale transactions are tracked by many in the cryptocurrency community, and are often considered the first indicator of where the price is headed next.

For example, Bitcoin whale movements towards exchanges are considered a beginning of a bear market, while a move away from exchanges is considered a bull.

Read: Big As Whale, Small As Plankton: Explaining The Cryptocurrency World That Has Animals As Names

Whale Alert reported that Coinbase saw the highest cryptocurrency outflow on June 5 with 9,859 BTC leaving the exchange to anonymous addresses.

The whales here made three transactions to move 1,859, 2,000, and 6,000 Bitcoins respectively. The total sum is worth over $95 million at the time's trading price.

Binance came second, as it saw mixed transactions worth 3,200 Bitcoins ($31,029,568) that went towards the exchange while 4,900 Bitcoins ($47,514,026) that left the exchange on June 5.

The whales were also moving 2,500 Bitcoins ($24,241,850) to Bitstamp and 1,174 Bitcoins to OKEx crypto exchange.

Whales tend or may move their assets around when they are concerned about a stagnated market.

Whales rely in liquidity for their investment, and when one large whale started selling, it may trigger a series of others selling their assets, which in turn will affect the price.

With this in mind, price analysis suggested that Bitcoin's price may fall to $9,400 dollars if the downtrend continues.