Bitcoin Whale Moves 31K BTC: Will There be a Dump?

Bitcoin Whale Moves 31K BTC: Will There be a Dump?

A Bitcoin whale has executed a substantial movement of over 31,000 Bitcoins from their cold wallets, potentially influencing the BTC price momentum negatively, according to blockchain intelligence firm Arkham.

Acoording to a blockchain tech intelligence company Arkham, a Bitcoin (BTC) whale has executed a substantial movement of over 31,000 Bitcoins (BTC) from their cold wallets. Will it influence the Bitcoin price momentum negatively?

Whale Transaction History

After transferring 31000 bitcoins to cold wallet, worth over $822 Million, they hold Bitcoin in these two wallets:

  • 20,000 Bitcoin in 31pCdkyF6Ep8UkzpkWpv3SMbY3C5s7VhXL
  • 11,200 Bitcoin in 3G98jSULfhrES1J9HKfZdDjXx1sTNvHkhN

The trading firm’s Bitcoin holdings were stored in wallets that had remained inactive since late 2022. These wallets received a substantial sum of 21,600 Bitcoin directly from trending exchanges Binance Crypto exchange and Huobi in early October 2022.

It is worth keeping in mind that Binance Crypto exchange, one of the leading digital currency exchanges, played a whole lot of role in facilitating the movement of Bitcoin for this trading firm.

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As FTX Trading Ltd, a prominent cryptocurrency exchange, temporarily halted withdrawals in early November, the trading company withdrew an extra 15,000 Bitcoin from their Binance Crypto exchange account. This withdrawal further contributed to the movement of funds from their active exchange accounts to their cold wallets, ensuring enhanced security and control over their digital assets.

Bitcoin (BTC) Price Movement

Bitcoin (BTC) whale transactions like this significantly influence market trends through large buy/sell orders and market manipulation strategies. Bitcoin (BTC) is down 1.87 percent in the last 24 hours.

Bitcoin (BTC) recovered most losses after slumping to slumped to $26,500 past week and stood at and over $27,000 during the weekend. The start of this coming week was even more positive as it jumped to $27,500 on Tuesday to chart a multi-day high.

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Nonetheless, the bears intercepted the move and didn’t allow any further increases. Just the opposite, they pushed the investment back down to around $26k.

Reports by live tracking on Coinmarketcap, the live Bitcoin (BTC) price today is $26,135.84 USD with a 24-hour volume of trading of $15,928,373,313 USD.


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