Bitcoin Whale Moves 8,000 BTC to Binance After Acquiring Near Bear Market Lows
Hey there, crypto reader! A dormant Bitcoin whale recently made a significant move by transferring 8,000 coins to the popular exchange Binance. The whale had acquired these tokens near the bear market lows in 2018 when Bitcoin was trading at around $3,800 per BTC.
Details of the Whale’s Move
- A dormant Bitcoin whale, inactive for over five years, moved 8,000 BTC acquired in December 2018.
- The acquisition was made near the bear market lows of $3,200 after Bitcoin’s price plunged from nearly $19,000 in 2017.
- The total cost for these coins was approximately $30.4 million.
Bitcoin’s Current Value
As of now, Bitcoin is trading at $67,800, making the 8,000 BTC worth over $535 million at the time of transfer to Binance.
Increased Activity Among Bitcoin Whales
- Bitcoin whales have been opening massive long positions on the cryptocurrency at around $69,000 via exchanges like Bybit and HTX.
- Crypto analytics firm CryptoQuant has highlighted a similarity in whale activity compared to August 2023, preceding a parabolic price rise.
Whale Wallets Accumulating Bitcoin
- Whale wallets have been adding approximately $1 billion worth of BTC daily, indicating strong accumulation and potential custody.
- Analysts draw parallels to market behavior in mid-2020 before the 2021 bull run, suggesting a similar trend may be on the horizon.
Realized Cap Growth for New Whales
Despite Bitcoin’s stagnant price in recent months, the realized cap for new whales, representing the total value at which large investors acquire Bitcoin, has experienced significant growth, indicating continued interest in the cryptocurrency.
Hot Take: The Future of Bitcoin Whales
As you navigate the world of cryptocurrency investments, keep an eye on the activities of Bitcoin whales. Their movements and behavior often provide valuable insights into the market’s future direction. Stay informed and stay ahead of the curve!
By
By
By
By
By