A large holder sent 9,800 Bitcoin BTC/USD worth $428 million Coinbase Global Inc. PIECE OF MONEY Friday.

What happened: The transaction was reported by blockchain wallet tracker and analytics platform Whale Alert.

9,800 #BTC (428,608,220 USD) transferred from an unknown wallet to #Coinbasehttps://t.co/TJduZPSUfZ

— Whale Alert (@whale_alert) April 8, 2022

When whales send large amounts of Bitcoin to exchanges, it is usually with the intention of selling.

Most market participants perceived the large amount of BTC sent to Coinbase as enough to create significant selling pressure. Retail traders anticipating lower prices were quick to limit their long Bitcoin exposure.

Data from BitInfoCharts shows that the whale wallet first received Bitcoin on April 1 at an average price of $45,372 per coin. If the whale sold the coins when they were transferred out of the wallet, he did so for a loss of $18 million.

According to data from Benzinga Pro, Bitcoin lost 3.16% in the past 24 hours, falling to $42,290 at the time of writing. The broader crypto market cap also saw a 2.7% decline, falling to $1.96 trillion.

Ethereum ETH/USD was down 1.7%, trading at $3,200 and Dogecoin DOGE/USD was trading at $0.1428, down 3.74% from the last day.