Bitcoin Whale Sells 411 BTC
A Bitcoin whale has recently sold 411 Bitcoin for $15.2 million, according to data from Lookonchain. The whale converted the Bitcoin to Wrapped Bitcoin (WBTC) before selling it at an average price of $37,023. The whale still holds 155 WBTC, valued at about $5.74 million.
Whale Activity Amid Bullish Momentum
The crypto community is optimistic about BTC’s bullish momentum, which has pushed the price above $37k. Despite this, there has been a decline in the amount of inflows into exchanges from large whale addresses, indicating a more resilient sentiment among large holders.
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Another whale withdrew 716 BTC worth $26.5M from Binance on Nov. 13 and bought 4,232 Bitcoin since Oct. 4, making a profit of $23 million.
Market Capitalization and Whales’ Resurgence
BTC’s market capitalization has surpassed $700B, reaching $730B this week - the highest amount since April 2022 and putting BTC’s dominance at 50.69%. Whales have been actively accumulating cryptocurrencies amid the market’s resurgence.
However, large investors are hoarding lower-cap altcoins instead of established market leaders like BTC and XRP.
Bitcoin Stagnates
Bitcoin is currently trading at $36,600 with a -1% decline in 24 hours after providing substantial gains in October due to hopes of a potential approval of a BTC spot ETF in 2024.
Experts predict that BTC will continue to surge until the SEC approves the ETF, after which capital will rotate to the altcoin market.
Hot Take: Bitcoin Price Predictions
To see where BTC prices are headed next and for more interesting Bitcoin price predictions, make sure to check out our video here:
