Bitcoin Transfers Worth Billions Could Mean More Selling Pressure  


Bitcoin 3 years ago
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A surge in bitcoin balances on major cryptocurrency exchanges preceded Monday’s sell-off, potentially a sign that this year’s doubling in prices tempted some digital-asset investors to take profits.

The price of bitcoin (BTC, -6.29%), the largest cryptocurrency, tumbled 7.6% to about $52,800. It was the biggest decline in a month and trimmed the year-to-date gain to about 83%.

Some 40,000 BTC ($2.1 billion worth) have been transferred to exchanges since Friday on major crypto exchanges, pushing up the bitcoin reserves to levels not seen since the end of January, according to data from blockchain analytics firm Glassnode.
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