Roughly $200M of Bitcoin sold onto exchanges by Coinbase whale

Quick Take

• Roughly $200 million of Bitcoin was sold yesterday on exchanges.
• A large whale from Coinbase drove the sale.
• This is one of the most significant deposits onto exchanges this year; deposits to exchanges on May 30 saw $367 million.
• Yesterday saw the fifth most amount of Bitcoin deposits to exchanges this year.
• This coincides with a strengthening dollar at a one-month high of 104.63.
• Due to a risk-off environment, and rising rates, entities may consider selling assets to fulfill their commitments.
• Since the DXY represents a pledge to settle debts, individuals could potentially opt to liquidate Bitcoin or other assets to acquire dollars.

Deposits to exchanges: (Source: Glassnode)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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