Whale Wallet Moves $244 Million Worth of Bitcoin to Exchange
This whale wallet was previously owned by the 14th largest Bitcoin (BTC) holder as of March this year, with holdings totaling 46,500 coins.
Whale Wallet Moves $244 Million Worth of Bitcoin to Exchange. Image: Bitcoin.com News
A Bitcoin whale has deposited 7,000 Bitcoins, worth approximately $244 million, onto the Bitfinex exchange late on Friday (11/03), likely for profit-taking purposes.
A "whale" is a term used to describe investors who control large amounts of assets and significantly influence the value of the cryptocurrency. Often, their movement of tokens to exchanges signals a profit-taking "dump" strategy.
According to information from BitInfoCharts, during the period from November 2022 to January 2023, this individual accumulated a total of 46,500 Bitcoins, with an average purchase price of under $20,000 per coin. With the current Bitcoin price exceeding $35,000, the decision to take profits is considered prudent.
The whale wallet currently ranks 323rd in terms of Bitcoin holdings. Source: BitInfoCharts
Earlier, this whale transferred 36,500 Bitcoins to Bitfinex in late March to early April, when the coin briefly peaked for the year at $30,000. Subsequently, they took advantage of Bitcoin dropping to around $26,000 to accumulate an additional 2,000 coins. With a total of 46,500 Bitcoins, this whale's account became the 14th largest Bitcoin holder globally at that time.
Transaction moving funds to the exchange by the whale. Source: Arkham Intelligence
Today's article serves as a prime example of the influencing power whales, large investors, have on coin trends. However, the $36,000 threshold has proven to be a significant resistance level maintained over the past two weeks for BTC. Any attempts to breach this level face strong selling pressure from other investors. Therefore, Bitcoin is currently hitting a yearly high at $35,985.
1-day chart of BTC/USDT pair on Binance as of 08:20 AM on November 6, 2023
