Bitcoin-Whales set in motion 42,616 BTC, which coincided with the market decline

Crypto whale watchers are tracking a pair of huge Bitcoin transactions that moved a total of 20,378 BTC worth about $102.5 million. Both transactions happened between unknown wallets and do not appear to be traders gearing up to sell.

9,939 BTC worth $50.0 million transferred from unknown wallet to unknown wallet

10,439 BTC worth $52.5 million transferred from unknown wallet to unknown wallet

The movements are part of a larger Bitcoin whale migration happening as the markets move into the red.

In the last 24 hours, whales moved a total of 42,616 BTC worth about $215 million, at time of writing. The vast majority of the BTC was moved off of crypto exchanges to unknown wallets, or from one crypto exchange to another.

Right now, the crypto market is a sea of red. Bitcoin is down 4.86% at $5,036. Ethereum is down 8.61% at $164.77, and XRP is down 8.13% at $0.3285.

Technical analysts say the market downturn is putting projections of a near-term BTC price rise to $5,800 on ice. According to CoinDesk analyst Daniel Paomer, the drop may have “thrown a spanner into a bullish market setup that had looked likely to propel prices to highs not seen since late last year.”