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Coinbase Whales Could Be the Reason Behind Bitcoin’s Fall Below $33K

Today, Bitcoin slipped to below $33,000 for the first time in over a week as a result of the selling pressure.

Coinbase Premium

Data from multiple sources indicated that BTC/USD continues to drop. It went down 7% on the day as it didn’t manage to bounce off $33,000 support.

This fall, which represents 13% compared to the highs recorded on Tuesday, came at the same time that the pressure to sell at Coinbase Pro increased.

The major spikes in volume that are connected to Coinbase Pro have a direct influence on the price volatility that we’ve noticed these weeks. In this case, it was a dip in “Coinbase Premium,” which meant that selling was about to begin. Instantly, the difference in price between the BTC/USD pair at the venue and others had decreased.

“It seems $BTC sellers came from #Coinbase. Coinbase Premium Index has been a negative value since an hour ago,” commented Ki Young Ju, CEO of on-chain analytics resource CryptoQuant.

“Coinbase whales might want $BTC to go lower for consolidation.”

Just a day before, Ki had pinpointed an analogous growth in deposits in various exchanges that came from whales. This would suggest that whales may want to lower the price of BTC.

Another notable trend that was noticed ever since Bitcoin started to shatter records was the transfer of wealth from small investors to whales. During this time, whales bought the supply every time there was a price retracement.

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