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Another big move late at night—450 WBTC just flowed into a major exchange, worth about $37.79 million at current prices.
The transfer occurred at 8:12 PM, coming from an anonymous wallet (starting with 0x3E38). When this amount of WBTC suddenly enters the market, there could be several motivations: it might be preparing to cash out and exit, used to top up or close out leveraged positions, or possibly an institution adjusting its asset allocation.
The problem is, market sentiment is already quite fragile right now. Any large inflow of funds at this time can easily be interpreted as “getting ready to dump.”
Whether BTC can hold steady tonight honestly depends on what these whales do next. If they really start selling, the short-term outlook probably won’t be too optimistic.