Bitcoin Whale Wakes Up After Three Years
Whales, or large entities in the Bitcoin market, have the potential to influence the price of Bitcoin through their high-volume transactions. Traders and investors closely watch whale activity as it can have a domino effect on the market. Recently, on-chain data revealed that a particular Bitcoin whale has become active after three years of dormancy.
Whale Transfers 5,000 BTC Worth $137 Million
According to data from blockchain analytics platform Arkham Intelligence, this whale moved 5,000 BTC (worth approximately $137 million) on October 7. The whale address had initially received the BTC from the “Poolin mining pool” in June 2020 when the Bitcoin price was around $9,700.
Since then, the price of Bitcoin has significantly increased, reaching $27,903 at the time of writing. As a result, the value of the whale’s holdings grew to around $137 million when they transferred all 5,000 BTC.
Splitting and Transferring BTC to New Addresses
The on-chain data shows that the whale split and transferred the 5,000 BTC to two separate addresses. One address received 4,000 BTC, while the other received 1,000 BTC. Both addresses are new and unmarked.
Potential Impact on Bitcoin Price
This recent whale activity has raised caution in the Bitcoin market. Large movements of BTC often generate interest or fear among investors and can cause temporary price fluctuations. However, it is currently unknown why the whale made this transfer. It remains to be seen whether they intend to sell or simply move their assets to another wallet.
If the whale decides to sell off all their BTC holdings, it could potentially threaten the Bitcoin price. Massive selling often puts downward pressure on the cryptocurrency and may trigger a temporary price dip.
No Significant Changes in Bitcoin Price
Despite the whale’s activity, the Bitcoin price has not experienced any significant changes in the past 24 hours. According to CoinGecko data, BTC has only dipped by 0.1% during this period.
In October, Bitcoin has seen a healthy start with a 3.3% price gain since the beginning of the month. The BTC price has been mostly sideways as it aims to break through the $28,000 mark.
Hot Take: The Mystery Behind the Whale’s Move
The recent awakening of a dormant Bitcoin whale has sparked curiosity and caution in the market. While it is unclear why this whale decided to transfer their BTC after three years, its impact on the Bitcoin price remains uncertain. If the whale intends to sell off their holdings, it could potentially affect the market negatively. However, for now, there have been no significant changes in the Bitcoin price following this whale activity.
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