Bitcoin price delivered a powerful move earlier this week before momentum began fading again. Between Saturday and Wednesday, the BTC price climbed nearly 18%. The rally pushed Bitcoin from the mid $60,000 region toward the low $70,000 range. That recovery gave the market temporary optimism after the earlier volatility.
Thursday then changed the tone of the market. Bitcoin price started moving lower again after the rally stalled. BTC slipped back toward the $70,000 region and briefly touched that level during the decline.
This shift in momentum arrived at the same time that unusual exchange wallet activity appeared on chain. Blockchain tracking data showed multiple Bitcoin transfers tied to major exchanges within a short time frame.
What you'll learn 👉
Large Bitcoin Transfers Between Binance Coinbase And Bybit Draw Attention
Blockchain monitoring accounts noticed a series of large BTC transactions linked to Binance, Coinbase, and Bybit. The data shows multiple transfers worth several million dollars occurring within minutes.
🚨 BREAKING:
— ᴛʀᴀᴄᴇʀ (@DeFiTracer) March 5, 2026
COINBASE, BINANCE AND BYBIT ARE DUMPING MILLIONS OF $BTC RIGHT NOW
THEY'RE NON-STOP SELLING CRYPTO DURING LOW-LIQUIDITY HOURS
WHAT DO THEY KNOW?? pic.twitter.com/GGnnFfB6Pn
One transaction moved 139.46 BTC between Bybit wallets, which equals roughly $9.9 million based on recent Bitcoin price levels. Another transfer shows 150 BTC leaving a Coinbase wallet toward Fidelity Custody, valued near $10.6 million.
Several smaller movements also appear in the data. A transfer involving 57 BTC between Bybit hot wallets appears twice in the list. Binance wallet activity also appears with transactions ranging from about 1 BTC to more than 24 BTC.
These transfers happened close together in time, which explains why they attracted attention across the crypto market.
Exchange Wallet Transfers Do Not Automatically Mean Bitcoin Selling
Large transfers between exchange wallets often look dramatic when viewed without context. However, such movements do not automatically confirm that exchanges are selling Bitcoin on the open market.
Some of the transactions in the data clearly involve wallets belonging to the same exchange. The Bybit transfers appear to move BTC between two Bybit hot wallets. Internal treasury management frequently requires this type of transfer.
Coinbase wallet movements can also involve custodial services. The transaction that sent 150 BTC to Fidelity Custody could represent institutional custody allocation rather than a market sell order.
These details show why blockchain data requires careful interpretation. Wallet transfers alone do not confirm immediate selling pressure.
Bitcoin Liquidations And Liquidity Zones Reveal Important Market Levels
The price drop still matters because leverage across the market remains high. Bitcoin briefly touched the $70,000 level during the latest decline. That move triggered significant liquidations across leveraged positions.
Market data shows that roughly $217 million in long positions were liquidated during the drop. Total liquidations across the broader crypto market reached around $2.6 billion over the past week.
This is crazy.$BTC dropped to $70,000 today liquidating $217M longs!
— CryptoReviewing (@CryptoReviewing) March 6, 2026
That's now $2.6B liquidated from Crypto in the past week!!!
Now, $74,000 – $76,000 above has sizable liquidity which could be swept next.
However, below at $66,000 – $70,000 we have around 2x more liquidity… pic.twitter.com/e0dqK7EUw0
Liquidity maps help explain what traders are watching next. Large liquidity clusters appear above the current Bitcoin price between $74,000 and $76,000. Markets sometimes move toward such zones because they contain large stop orders.
The heatmap also shows heavy liquidity below the current BTC price. A major cluster appears between $66,000 and $70,000, and that region contains roughly twice the liquidity of the upper zone.
This imbalance means price could travel lower if bearish momentum continues.
Bitcoin currently sits between two large liquidity zones. The upper region near $74,000 contains potential targets if BTC regains strength. The lower zone between $66,000 and $70,000 holds even larger liquidity pockets.
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Market structure often becomes volatile when price sits between these zones. Bitcoin could move quickly in either direction as traders position themselves around these levels.
The exchange wallet activity adds another layer of uncertainty to the situation. Internal transfers remain the most likely explanation for several transactions. The Bitcoin price structure still looks fragile after the recent rally failed to hold its highs.
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