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Home»Altcoins»$137 million moved by long-sleeping whale, market braces for impact
Altcoins

$137 million moved by long-sleeping whale, market braces for impact

2023-11-30No Comments3 Mins Read
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Recently, the crypto community witnessed a remarkable event when a dormant Bitcoin whale, which had been dormant for almost four years, returned to the market.

According to facts From the crypto analytics platform Lookonchain, this enigmatic entity transferred 3,623 BTC, worth approximately $136.94 million, to two newly created wallets.

Market speculations and potential impact

This mysterious investor initially accumulated his Bitcoin holdings at an average cost of $6,889 per unit from October 25, 2018 to December 31, 2019. Initially, the total investment was approximately $24.96 million.

However, under current market conditions, this investment has grown significantly and is now estimated to generate approximately $112 million in profits.

The significance of the transaction extends beyond its size. It is particularly notable for its timing, which aligns with Bitcoin’s recent surge to a peak price not seen since May of the previous year, reaching approximately $38,400 per Bitcoin.

A whale that had been inactive for four years transferred all 3,623 individuals $BTC($136.94 million) to 2 new wallets 1 hour ago.

This whale collected 3,623 $BTC($24.96 million) for ~$6,889 from October 25, 2018 to December 31, 2019.

At current prices, profits are ~$112 million.https://t.co/QL3fPiV900 pic.twitter.com/wrMe4loIwm

— Lookonchain (@lookonchain) November 30, 2023

The sudden activity of this substantial Bitcoin holder has sparked speculation and debate within the crypto community. On the X platform a user pointed out the timing of the whale’s move as it coincides with Bitcoin’s recent rally to a significant high.

This observation has raised suspicions about the whale’s potential insider knowledge or strategic market insights, especially given the substantial profits they are currently sitting on.

See also  Litecoin's bearish pressure is mounting as accumulation loses confidence – what's next for the LTC price?

In particular, the actions of large-scale holders, often referred to as “whales,” can significantly influence the crypto market. A transaction of this size could signal several strategic moves, ranging from portfolio restructuring to preparing for a market exit.

Such moves are closely watched as they can provide insight into market sentiment and potential trends.

A closer look at the Bitcoin Whale strategy

Delving deeper into the whale’s investment strategy reveals a calculated approach to Bitcoin accumulation. The purchase of Bitcoin at an average cost of $6,889 per BTC during the 2018-2019 period indicates a strategic entry at a time when the market relatively bearish.

Holding for the next four years over several market cycles underlines a long-term investment mindset, which contrasts with the short-term trading strategies often seen in the crypto space.

The recent awakening of this whale and the transfer of a significant portion of their assets to new wallets could indicate a change in strategy. While it is speculative to predict the whale’s next move, it could involve cashing out some of their investments or reallocating assets for diversification.

It is also likely that the whale is positioning itself for new investment opportunities within the crypto space, possibly in sectors such as decentralized finance (DeFi) or non-fungible tokens (NFTs).

Regardless, Bitcoin is currently in a downtrend after climbing above $38,000 yesterday. The asset is now trading at $37,704, at the time of writing, down 0.4%.

Bitcoin (BTC) price chart on Tradingview
The price of Bitcoin (BTC) is moving sideways on the 4-hour chart. Source: BTC/USDT op TradingView.com

Featured image from Unsplash, chart from TradingView



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braces impact longsleeping market Million Moved whale
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