Here’s How Bitcoin Price Reacted to the $1.26B Babylon Unstaking Event
- Babylon BTC staking protocol saw the unstaking of a massive 14,929 BTC.
- This follows April 4’s unstaking where 256 BTC were unstaked in one day.
- BTC saw a temporary pullback after the unstaking, retesting the 20-day EMA.
The crypto market saw a huge Bitcoin move Wednesday when around 14,929 BTC, worth approximately $1.26 billion, was unstaked from Babylon, a popular decentralized Bitcoin staking protocol.
On-chain data platform Lookonchain noted the event occurred around 10:30 AM UTC. The unstaked Bitcoin (BTC) was split across multiple addresses – a pattern often hinting at strategic moves by a large entity, possibly an institution.
The unstaking comes on the heels of Babylon’s recent $600 million airdrop of its native token, BABY, to early users. Smaller BTC unstaking amounts were already observed following that airdrop.
Related: ‘Fed on the Clock’: Hayes Links Bond Market Stress to Coming Bitcoin Gains
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The post Here’s How Bitcoin Price Reacted to the $1.26B Babylon Unstaking Event appeared first on Coin Edition.
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Here’s How Bitcoin Price Reacted to the $1.26B Babylon Unstaking Event
- Babylon BTC staking protocol saw the unstaking of a massive 14,929 BTC.
- This follows April 4’s unstaking where 256 BTC were unstaked in one day.
- BTC saw a temporary pullback after the unstaking, retesting the 20-day EMA.
The crypto market saw a huge Bitcoin move Wednesday when around 14,929 BTC, worth approximately $1.26 billion, was unstaked from Babylon, a popular decentralized Bitcoin staking protocol.
On-chain data platform Lookonchain noted the event occurred around 10:30 AM UTC. The unstaked Bitcoin (BTC) was split across multiple addresses – a pattern often hinting at strategic moves by a large entity, possibly an institution.
The unstaking comes on the heels of Babylon’s recent $600 million airdrop of its native token, BABY, to early users. Smaller BTC unstaking amounts were already observed following that airdrop.
Related: ‘Fed on the Clock’: Hayes Links Bond Market Stress to Coming Bitcoin Gains
For …
The post Here’s How Bitcoin Price Reacted to the $1.26B Babylon Unstaking Event appeared first on Coin Edition.
Read More