Bitcoin (BTC) fell beneath $seven,000 minutes after an investor prepared to sell ane,000 BTC on a major exchange, data shows.

Discovered by monitoring resource Money Metrics, the eolith on Huobi Global on Apr 10 preceded BTC/USD falling past around $250.

BTC/USD chart showing Huobi funds move

BTC/USD chart showing Huobi funds move. Source: Money Metrics/ Twitter

Previously, the pair had traded in a corridor between $7,100 and $7,400. While its precipitous exit did not surprise many analysts and traders, who had expected higher levels would fail to notice support for long, a rebound has yet to appear.

At press time, Bitcoin hovered at $6,880, having failed to reach the $7,000 zone since Fri.

Contemplating the data, analytics outfit Arcane Research queried whether the Huobi order could be linked to the notorious PlusToken ponzi scheme.

As Cointelegraph reported, a serial of sell-offs from PlusToken, which accrued huge amounts of money during its operations, probable created artificial price pressure on Bitcoin markets.

Easy plays for whales

Meanwhile, it is non merely bad actors who tin can bewitch spot prices with large trades. Late last year, one solitary whale used a giant stash of cash to "defend" the BTC/USD at a certain toll betoken — seemingly but to win a bet with another whale.

This week, data from Glassnode revealed that the number of whale entities — those belongings at to the lowest degree 1,000 BTC — had reached a two-year high.

The number of wallets containing at to the lowest degree 1 BTC is too higher than ever, indicating an overall tendency to accumulate at current prices.