$210M Bitcoin Sent To Coinbase: Is Sell Pressure Weighing?

A large amount of Bitcoin BTC/USD was sent to crypto exchanges in the last 24 hours, data showed on Tuesday.

What Happened: According to on-chain wallet tracker WhaleStats, 5,100 BTC worth around $210 million was sent to Coinbase Global Inc COIN on Monday.

The transfer was made amid a market-wide selloff which saw Bitcoin drop more than 6% to an intra-day low of $39,373.

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When large amounts of BTC are moved out of cold storage and sent to crypto exchanges, market participants perceive it as a signal of imminent selling pressure on the horizon.

Price Action: According to data from Benzinga Pro, BTC was trading at $39,414, down 6.29% in the last 24 hours. The leading digital asset had a daily trading volume of $33.5 billion.

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